Please solve this problem directly on Excel spreadsheet.

Make sure to include the calculations performed using Excel formulas.

Bob sold the following assets in the current year: A piece of furniture purchased for $900 and sold for proceeds of $750 A car (for his personal use) originally purchased for $4,000 and sold for proceeds of $1 ,500 A gold chain with a cost of $800 was sold for proceeds of $1 ,500 31 Required: What is Bob's tax impact of the sale of assets? 11 13 14 15 17 18 19 21 22 23 24 25 Solution: Calculation of Capital Gain: Proceeds of disposition Adjusted cost base POD (applying $1,000 rule) ACB (applying $1,000 rule) Capital Gain (Loss) Inclusion rate Allowable capital loss Furniture (PUP) Car (PUP) Loss is denied Gold Chain (LPP) Gain is subject to tax