An employee received the following from their employer during a taxation year: 1) a $55,000 salary, 2) a watch valued at $200 as a birthday gift , and 3) a $15,000 low-interest loan starting on Jan 1. with a 1% interest rate when the CRA's prescribed rate during the whole year was 3%. What is the employee's net income for tax purposes? (4 marks) O A) $55,000 B) $55.300 C) $55,500 D) $70,200 E) None of the above