Nature and amount of the gain on the sale of the painting

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Tamiko buys a painting from a collector for resale in her gallery for $3,500. She sold it 15 months later for $5,500. What are the nature and amount of the gain on the sale of the painting?

Reference no: EM131295372

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Nature and amount of the gain on the sale of the painting : Tamiko buys a painting from a collector for resale in her gallery for $3,500. She sold it 15 months later for $5,500. What are the nature and amount of the gain on the sale of the painting?

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