In June 2007, Olive Bell bought a house for use partially as a residence and partially for operation of a retail gift shop. In addition, Olive bought the following furniture:
|
Kitchen set and living room pieces for the residential portion |
$ 8,000 |
|
Showcases and tables for the business portion |
12,000 |
How much of this furniture comprises capital assets?
- $0
- $ 8,000
- $12,000
- $20,000