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How much gain should he report as part of gross income

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Question - After 3 years, Ka Leony sold a painting (capital asset) which he purchased in 2018 at a cost of P3,000, on the following terms:

June 1, 2021 downpayment 1,000

August 1, 2021 installment due 1,000

October 1, 2021 installment due 2,000

October 1, 2022 installment due 4,000

October 1, 2023 installment due 4,000

Required - How much gain should he report as part of gross income?

Reference no: EM133182556

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