Problem #1
During September, 2023, Ms. Asha Chen sells capital property with an ACB of $275,000, for $435,000.
She receives a down payment of $135,000 in cash, with the balance due in two equal instalment
payments of $150,000 to be paid on December 31, 2024 and December 31, 2025, respectively.
Required: What is the minimum amount that she will have to include in her income for 2023, 2024 and
2025 as a result of the sale, assuming that she received all payments in full as scheduled? Round your
answers to the nearest whole number and show all calculations.