Could you give me the solution to Assignment 12-10 and 13-3 for TAXX 401 (Canadian Tax Principles 2018-2019) Athabasaca University.

i do not understand the information given, it is a bit confusing compared to the ones that were given as an example in the chapters. I need clarification as to how to proceed I have a draft that I worked on but I want to make sure that I got the idea right. See below questions

This is not for home work, this is for my review for my midterm.

Assignment Problems Assignment Problem Twelve - 10 (Comprehensive Corporate Tax Payable) For the year ending December 31, 2018, Mamora Ltd. had accounting income before taxes of $914,000.) Mamora is a Canadian controlled private company throughout 2018. Other Information related to the Company's 2018 taxation year is as follows: 1. The accounting income figure included a deduction for Amortization Expense of ($405,525.) 2. On January 1, 2018, Mamora Ltd. had the following UCC balances: Class 1 $1,050,000 Class 8 1,460,000 Class 10 142,000 Class 13 175,000 The Class 1 balance relates to a single building acquired at a cost of $1,650,000. It is esti- mated that the cost of land included in this amount is $350,000. In June, 2018, this building is sold for $1,725,000, including an estimated value for the land of $375,000. In accounting records this real property was carried at $1,550,000, a net book value for the od/assign/view.php?id=25649 building of $ 1.200,000, plus $350,000 for the land. As a result of this sale, a gain of $175,000 was included in the accounting income figure. The old building is replaced on February 15, 2018 with a new building acquired at a cost of $2, 100,000, of which $400,000 is allocated to land. The building is used 95 percent for manufacturing and processing activity and it is allocated to a separate Class 1. During 2018, Class 8 assets are acquired at a cost of $150,000. There are no dispositions of Class 8 assets during the year. As the Company has decided to lease all of its vehicles in the future, all of the assets in Class 10 are sold during the year. The capital cost of these assets was $285,000 and the proceeds of disposition amounted to $122,000 with no asset disposed of for more than its capital cost. The net book value of these assets was $185,000, resulting in a loss of $63,000 being included in accounting income. The Class 13 balance relates to a single lease that commenced on January 1, 2013. The lease has an initial term of 6 years, with an option to renew for 4 years. Expenditures on this leasehold were $250,000 in 2013 and $60,000 in 2017. There were no further expenditures in 2018. The write-off of these expenditures for accounting purposes is included in the Amortization Expense figure that was deducted in the determination of accounting income. It is the policy of Mamora to deduct maximum CCA in each year. 3. The accounting income figure included a Gain On The Sale Of Vacant Land of $75,000. This land had been acquired several years ago for $620,000. While the Company had intended to construct a new building on this site, they had concluded that their current operations did not justify this investment. Given this, the land was sold for $695,000. The buyer provided a 2018 payment of $295,000, with the balance due in four annual payments of $100,000 each, beginning on December 31, 2019. 4. The Company spent $23,000 during the year on landscaping for its new building. While this was treated as an asset for accounting purposes, Mamora did not amortize the balance as it believed the work had an unlimited life. 5. Using the formula found in the Income Tax Regulations, 88 percent of Mamora's income has been allocated to provinces. 6. Mamora's accounting income includes foreign business income of $15,300. This amount is net of withholdings in the foreign jurisdiction in the amount of $2,700.Chapter 12 Assignment Problems 7. As the Company expects to issue more shares during 2019, it made a number of amend- ments to its articles of incorporation. The legal costs for these changes were $21,000. They have been deducted in the determination of accounting income. 8. Other amounts deducted in the determination of accounting income are as follows: Bond discount amortization $ 4,600 Donations to registered charities 12,500 Interest on late income tax instalments 1,400 Interest on late municipal tax payments 625 9. Accounting income was reduced by $42,000 for the cost of business meals and entertain- ment. In addition, a deduction of $23,000 was made for the cost of a membership in a golf clients. club for the president of the Company. She uses the club only for entertaining business 10. Mamora Ltd. is associated with several other CCPCs. Mamora's share of the group's annual business limit for 2018 is $175,000. 11. At the beginning of 2018, Mamora had a net capital loss carry forward of $210,000, as well as a non-capital loss carry forward of $95,000. 12. For 2018, Mamora has active business income in Canada of $976,380, $425,000 of which results from M&P activity. 13. Mamora's accounting income includes dividends from taxable Canadian corporations in the amount of $52,000. Required: A. Calculate the minimum Net Income For Tax Purposes for Mamora Ltd. for 2018. In addi- tion, calculate the UCC balance on January 1, 2019 for each class of assets. Ignore the possibility of using the replacement property election. B. Calculate the minimum Taxable Income for Mamora Lid. for 2018. Indicate the amount, and type, of any carry overs that are available at the end of the year. C. Calculate the minimum federal Part I Tax Payable for Mamora Lid. for 2018. As the corpo- ration operates in provinces that have a reduced tax rate for M&P activity, a separate calculation of the federal M&P deduction is required. Assume that the foreign tax credit for foreign business income is equal to the foreign taxes withheld.Chapter 12 Assignment Problems 7. As the Company expects to issue more shares during 2019, it made a number of amend- ments to its articles of incorporation. The legal costs for these changes were $21,000. They have been deducted in the determination of accounting income. 8. Other amounts deducted in the determination of accounting income are as follows: Bond discount amortization $ 4,600 Donations to registered charities 12,500 Interest on late income tax instalments 1,400 Interest on late municipal tax payments 625 9. Accounting income was reduced by $42,000 for the cost of business meals and entertain- ment. In addition, a deduction of $23,000 was made for the cost of a membership in a golf clients. club for the president of the Company. She uses the club only for entertaining business 10. Mamora Ltd. is associated with several other CCPCs. Mamora's share of the group's annual business limit for 2018 is $175,000. 11. At the beginning of 2018, Mamora had a net capital loss carry forward of $210,000, as well as a non-capital loss carry forward of $95,000. 12. For 2018, Mamora has active business income in Canada of $976,380, $425,000 of which results from M&P activity. 13. Mamora's accounting income includes dividends from taxable Canadian corporations in the amount of $52,000. Required: A. Calculate the minimum Net Income For Tax Purposes for Mamora Ltd. for 2018. In addi- tion, calculate the UCC balance on January 1, 2019 for each class of assets. Ignore the possibility of using the replacement property election. B. Calculate the minimum Taxable Income for Mamora Lid. for 2018. Indicate the amount, and type, of any carry overs that are available at the end of the year. C. Calculate the minimum federal Part I Tax Payable for Mamora Lid. for 2018. As the corpo- ration operates in provinces that have a reduced tax rate for M&P activity, a separate calculation of the federal M&P deduction is required. Assume that the foreign tax credit for foreign business income is equal to the foreign taxes withheld.Assignment Problems Assignment Problem Twelve - 10 (Comprehensive Corporate Tax Payable) For the year ending December 31, 2018, Mamora Ltd. had accounting income before taxes of $914,000.) Mamora is a Canadian controlled private company throughout 2018. Other Information related to the Company's 2018 taxation year is as follows: 1. The accounting income figure included a deduction for Amortization Expense of ($405,525.) 2. On January 1, 2018, Mamora Ltd. had the following UCC balances: Class 1 $1,050,000 Class 8 1,460,000 Class 10 142,000 Class 13 175,000 The Class 1 balance relates to a single building acquired at a cost of $1,650,000. It is esti- mated that the cost of land included in this amount is $350,000. In June, 2018, this building is sold for $1,725,000, including an estimated value for the land of $375,000. In accounting records this real property was carried at $1,550,000, a net book value for the od/assign/view.php?id=25649 building of $ 1.200,000, plus $350,000 for the land. As a result of this sale, a gain of $175,000 was included in the accounting income figure. The old building is replaced on February 15, 2018 with a new building acquired at a cost of $2, 100,000, of which $400,000 is allocated to land. The building is used 95 percent for manufacturing and processing activity and it is allocated to a separate Class 1. During 2018, Class 8 assets are acquired at a cost of $150,000. There are no dispositions of Class 8 assets during the year. As the Company has decided to lease all of its vehicles in the future, all of the assets in Class 10 are sold during the year. The capital cost of these assets was $285,000 and the proceeds of disposition amounted to $122,000 with no asset disposed of for more than its capital cost. The net book value of these assets was $185,000, resulting in a loss of $63,000 being included in accounting income. The Class 13 balance relates to a single lease that commenced on January 1, 2013. The lease has an initial term of 6 years, with an option to renew for 4 years. Expenditures on this leasehold were $250,000 in 2013 and $60,000 in 2017. There were no further expenditures in 2018. The write-off of these expenditures for accounting purposes is included in the Amortization Expense figure that was deducted in the determination of accounting income. It is the policy of Mamora to deduct maximum CCA in each year. 3. The accounting income figure included a Gain On The Sale Of Vacant Land of $75,000. This land had been acquired several years ago for $620,000. While the Company had intended to construct a new building on this site, they had concluded that their current operations did not justify this investment. Given this, the land was sold for $695,000. The buyer provided a 2018 payment of $295,000, with the balance due in four annual payments of $100,000 each, beginning on December 31, 2019. 4. The Company spent $23,000 during the year on landscaping for its new building. While this was treated as an asset for accounting purposes, Mamora did not amortize the balance as it believed the work had an unlimited life. 5. Using the formula found in the Income Tax Regulations, 88 percent of Mamora's income has been allocated to provinces. 6. Mamora's accounting income includes foreign business income of $15,300. This amount is net of withholdings in the foreign jurisdiction in the amount of $2,700