Alex Bodvin acquires a residential rental property on June 1, 2020 at a total cost of $423,000. Of this total, $132,000 can be allocated to the value of the land. He immediately spends $42,000 to make major capital improvements to the property. Rents for the year total $32,000, while rental expenses other than CCA total $27,500. This is the only rental property owned by Mr. Bodvin. Determine Mr. Bodvin's minimum net rental income for the year after the deduction of the maximum CCA he is allowed and what is the Jan. 1, 2021 UCC balance in Class 1 for the rental building. Show your final answers first, followed by your supporting calculations, as follows: Final Answers: Net rental income = $ Jan. 1, 2021 UCC for Class 1 Building = $ Supporting Calculations: Canadian Tax rules 2020