9.22 Valdez Corporation commenced operations on January 1, 2007. The company?s financial performance during its first year of operation was as follows: ? Sales revenues, $1,500,000. Labour, material, and overhead costs, $600.000. ? The company purchased a warehouse worth $500,000 in February. To finance this warehouse, the company issued $500,000 of long-term bonds on January 1, which carry an interest rate of 10%. The first interest payment occurred on December 31. The bond interest is tax-deductible. . For depreciation purposes, the purchase cost of the warehouse is divided into $100,000 in land and $400,000 in building. The building is a CCA Class I asset and is depreciated accordingly. On January 5, the company purchased $200,000 of equipment, which falls into CCA Class 43. . The corporate tax rate is 40%. (a) Determine the total CCA allowed in 2007. (b) Determine Valdez?s income taxes for 2007