complete the following question and upload your work to the Dropbox: Grady Inc. owns 100% of the shares of Plaza Ltd. Grady has decided that it does not want Plaza to continue as a separate legal entity. It has asked your assistance on whether to absorb Plaza into its operations using ITA 87 or, alternatively ITA 88(1). At the time of the decision, Plaza Ltd. has the following asset values: Asset Capital Cost Tax Value FMV Equipment 11,000 3,300 700 Land 154,000 154,000 192,000 Goodwill Nil Nil 22,000 There are no liabilities and no tax loss carry forwards. Grady acquired the shares of Plaza several years ago for $231,000. At that time, the Equipment was valued at its capital cost of $11,000 and the Land was valued at $209,000, for a total of $220,000. At that time, goodwill was estimated to be $1,000. Plaza has paid $5,000 in dividends since it acquisition by Grady. Required: Showing calculations where appropriate, outline what the tax consequences would be if : a) Plaza was amalgamated into Grady Inc. using Section 87 b) Plaza was rolled into Grady Inc. using a Section 88(1) winding-up