Please Apply Canadian Taxation Law. Current Year is 2021

1. D sold capital property in the current year for net proceeds of $600,000. The property has an adjusted cost base of $150,000. B received $80,000 at the time of the sale and a note for the balance to be paid in equal annual instalments over the following eight years. What is the minimum taxable capital gain to be reported in the current year?

2. J sold a diamond ring for $4,000 that she purchased for $600 many years earlier. She also sold a painting for $700 that she had purchased for her living room for $1,400. What amount is to be reported in net income for tax purposes?