Assignment 5 Question: During 2020, Ms. Jessica Roberts owns four residential rental properties. Information on these properties is as follows: 124 Glengarry 4251 Oak St Ave 3 1 CCA Class Capital Cost of Building January 1, 2020 UCC 1322 Curry Ave 1 $246,000 $213,018 436 Rankin Ave 1 $947,000 NIL (n/a) $827,000 $563,086 $456,000 $411,845 Rental receipts and expenses, not including CCA, for year ending December 31, 2020 are as follows: 4251 Oak St 124 Glengarry Ave $50,400 1322 Curry Ave $12,800 436 Rankin Ave $63,600 $37,200 Rental receipts Expenses paid: Property taxes Interest charges Other expenses (not including CCA) 12,400 24,000 5,400 6,840 10,200 8,400 9,690 4,200 1,100 14,205 41,300 3,600 Other Information: 1. On March 10, 2020, Ms. Roberts spent $63,000 on improvements to the property at 124 Glengarry Avenue. While none of the changes were required, the tenant insisted on the changes before he was prepared to renew his lease. These improvements will also enhance the value of this property. 2. The building at 4251 Oak Street was sold during 2020 for $523,000. 3. The building at 1322 Curry Avenue was sold during 2020 for $185,000. 4. The property at 436 Rankin Avenue was acquired on June 5, 2020 for $947,000. Required: a) Prepare a statement of Rental Income and a CCA schedule for the year ended December 31, 2020 for Ms. Robert to include with her 2020 income tax return. Ms. Robert wishes to claim the maximum CCA allowable. (You must provide a completed CCA schedule as part of your response file) b) Calculate any taxable capital gain as a result of the sale of the capital properties. Please note that the value of the land for the properties sold has been ignored in this problem. Be sure to include an explanation of the tax implications as a result of the sale