Consider the asset mix, based on fair market values, of each of the following three independent Canadian-controlled private corporations: Corporation 1: Janet incorporate her business in 2012 and has owned the business in its entirety up until now. The assets of the businesses are as follows: Land and buildings used in an active business carried on in Canada 1,810,000 Accounts Receivable 200,000 Long-term investments 400,000 100% Shares of Janna Ltd., a small business corporation 600,000 Mortgage on Building and Land for offices 300,000 3,310,000 Corporation 2: David purchased Cecil Inc. in March 2016 and has been the sole owner of the business since acquiring it. The assets of the business are as follows: Accounts Receivable 150,000 Equipment used in an active business carried on in Canada 500,000 Building 1,200,000 Land 600,000 Shares (< 1% of issued shares) of Jonathan Ltd., a public corporation 270,000 Accounts Payable 250,000 Mortgage on Land and Building 700,000 3,670,000 Corporation 3: Sumar incorporated a business in January of 2015 and has been the sole owner of the business since incorporation. The assets for the business are as follows: Accounts Receivable 240,000 Investments held for sale 300,000 Shares of Ethan Ltd., a wholly owned small business corporation 900,000 Accounts Payable 300,000 Required:

Indicate which of the above three corporations satisfy or do not satisfy all of the conditions in the definition of a qualified small business corporation, supporting your conclusions with the facts given above and if not a QSBC, indicate steps to achieve such status.