Assignment Problem Thirteen - 6 Oland Ltd. is a Canadian controlled private corporation with a December 31 year end. For the (Comprehensive Corporate Tax Payable With CCA) year ending December 31, 2019, the Income Statement of the Company, prepared in accor dance with generally accepted accounting principles, is as follows: $1,625,986 (5776,257) ( 394,672) (125,489) 27.000) Revenues Expenses: Cost Of Goods Sold Selling And Administrative Costs Amortization Expense Charitable Donations Operating Income Gain On Sale Of Property Loss On Sale Of Vehicles Gain On Sale Of Investments Dividends Received (See Note) Net Income Before Taxes (1,323,418) $ 302,568 $153,600 55,000) 11,000 123,400 233,000 5 535,568 Note The components of the dividends received are as follows: Eligible Dividends From Canadian Public Companies 5 62,300 Non-Eligible Dividends From 80 Percent Owned Subsidiary (The Subsidiary Received A Dividend Refund Of $15,000 From Its Non-Eligible RDTOH) 48,000 Non-Eligible Dividends From Wholly Owned Subsidiary (No Dividend Refund) 13,100 Total Dividends Received 5123,400 Oland is associated with both of these companies. The two subsidiaries have each been allocated $125,000 of the small business deduction's annual business limit. The remaining $250,000 has been allocated to Oland. Other Information: 1. Selling And Administrative Costs include 522.490 in business meals and entertainment. 2. Selling and Administrative Costs includes interest on late income tax instalments of $1,240 and on late municipal tax payments of 5625. 3. Selling And Administrative Costs includes bond discount amortization of $3,850. 4. During 2019, Oland Ltd. acquired a competing business at a price that included goodwill of $110,400. For accounting purposes, there is no impairment or write-down of the good- will in 2019. 5. Selling And Administrative Costs include membership fees for several employees in a local golf and country club. These fees total $7,285. 6. As the Company expects to issue more shares during 2019, it made a number of amend- ments to its articles of incorporation and included the legal costs in Selling And Administrative Costs. These costs totalled 511,482. 7. On January 1, 2019, the Company had the following UCC balances: Class 1 $582,652 575,267 75,348 Class 13 88,600 Class 14.1 The Class 1 balance relates to a single real property acquired in 2000 at a cost of $750,000. It is estimated that the value of the land at this time was $50,000. On February 1. 2019, this property is sold for 5850,000. It is estimated that at this time, the value of the land has increased to $80,000. In the accounting records, this real property was carried at $696,400, $646,400 for the building and $50,000 for the land, Class 8 Class 10 Nil Assignment Problem Thirteen - 6 Oland Ltd. is a Canadian controlled private corporation with a December 31 year end. For the (Comprehensive Corporate Tax Payable With CCA) year ending December 31, 2019, the Income Statement of the Company, prepared in accor dance with generally accepted accounting principles, is as follows: $1,625,986 (5776,257) ( 394,672) (125,489) 27.000) Revenues Expenses: Cost Of Goods Sold Selling And Administrative Costs Amortization Expense Charitable Donations Operating Income Gain On Sale Of Property Loss On Sale Of Vehicles Gain On Sale Of Investments Dividends Received (See Note) Net Income Before Taxes (1,323,418) $ 302,568 $153,600 55,000) 11,000 123,400 233,000 5 535,568 Note The components of the dividends received are as follows: Eligible Dividends From Canadian Public Companies 5 62,300 Non-Eligible Dividends From 80 Percent Owned Subsidiary (The Subsidiary Received A Dividend Refund Of $15,000 From Its Non-Eligible RDTOH) 48,000 Non-Eligible Dividends From Wholly Owned Subsidiary (No Dividend Refund) 13,100 Total Dividends Received 5123,400 Oland is associated with both of these companies. The two subsidiaries have each been allocated $125,000 of the small business deduction's annual business limit. The remaining $250,000 has been allocated to Oland. Other Information: 1. Selling And Administrative Costs include 522.490 in business meals and entertainment. 2. Selling and Administrative Costs includes interest on late income tax instalments of $1,240 and on late municipal tax payments of 5625. 3. Selling And Administrative Costs includes bond discount amortization of $3,850. 4. During 2019, Oland Ltd. acquired a competing business at a price that included goodwill of $110,400. For accounting purposes, there is no impairment or write-down of the good- will in 2019. 5. Selling And Administrative Costs include membership fees for several employees in a local golf and country club. These fees total $7,285. 6. As the Company expects to issue more shares during 2019, it made a number of amend- ments to its articles of incorporation and included the legal costs in Selling And Administrative Costs. These costs totalled 511,482. 7. On January 1, 2019, the Company had the following UCC balances: Class 1 $582,652 575,267 75,348 Class 13 88,600 Class 14.1 The Class 1 balance relates to a single real property acquired in 2000 at a cost of $750,000. It is estimated that the value of the land at this time was $50,000. On February 1. 2019, this property is sold for 5850,000. It is estimated that at this time, the value of the land has increased to $80,000. In the accounting records, this real property was carried at $696,400, $646,400 for the building and $50,000 for the land, Class 8 Class 10 Nil