Assignment Problem Twenty-One - 4 (Regular GST Return) Lassen Ltd., an Alberta corporation, is an annual filer for GST purposes. Alberta does not participate in the HST program and does not have a provincial sales tax. The following is a summary of the financial statement information for the current year. All amounts are presented without the inclusion of applicable GST. Sales $5,700,000 Less Expenses: Cost Of Goods Sold ($2,600,000) Amortization Expense ( 720,000) Salaries And Wages 640,000) Interest Expense 120,000) Other Pre-Tax Expenses 370,000) Income Taxes 240,000) ( 4,690,000) Net Income $1,010,000 Other Information: 1. Sales included $1,200,000 in exempt supplies and $2,400,000 in zero-rated supplies. The remaining sales were fully taxable for GST purposes. 2. All of the goods sold involved the provision of either fully taxable or zero-rated supplies. During the year, inventories of these goods decreased by $200,000. GST was paid on all goods that were purchased for resale during the year. 3. Capital expenditures for the year amounted to $4,000,000, with GST being paid on all amounts. Of this total, $3,000,000 was for an office building that will be used 40 percent for the provision of fully taxable or zero-rated supplies. The remaining $1,000,000 was for equipment that will be used 70 percent in the provision of exempt supplies. GST was paid on the acquisition of all assets on which amortization is being taken during the year. 4. All of the Other Expenses involved the acquisition of fully taxable supplies and were acquired to assist in the provision of fully taxable supplies. Included is $40,000 reim- bursed to sales employees for meals while travelling for business. 5. Of the Salaries And Wages, 40 percent were paid to employees involved in providing exempt supplies. Required: Calculate the net GST payable or refund that Lassen will remit or receive for the current year