22 On January 1, 2020, T. Adams received a housing loan from his employer. Terms of the loan are as follows: Principal 120,000 Interest rate paid on loan 2% Interest paid at end of year CRA's Prescribed interest rates are as follows: First quarter 7% Second quarter 6% Third quarter 5% Fourth quarter 4% What is T. Adams' taxable benefit on the above loan for 2020? $2,400 110 minutes remaining 2 F Question 23 Mr. John Hanson is an employee of a public company. He was given stock options from her employer. Details of the stock options, and Ms. Hanson's activities related to those options are as follows: During 2019, he receives this many stock options:..... 650 $15 Each option gives Mr. Hanson the ability to buy one stock, if exercised, at this price:..........$18 Fair market value of one share on the day options were given to Mr. Hanson:............... in 2020, Mr. Hanson exercises all stock options and purchases the shares Fair market value of one share on the day Mr. Hanson exercised his stock options:............$20 in 2021, Mr. Hanson sells all of his stocks when they are trading at a price of........................$28 The net effect of all the above on his 2021 Taxable Income would be: (A) $2,600 $3,250