CoursHeroTranscribedText: Gege Xu retired in April 2021 and moved from Thunder Bay to Vancouver Island. During her retirement she plans to accept the occasional small consulting contract. Her financial transactions for 2021 are summarized below. 1. Gege sold her home in Thunder Bay for $240,000. She paid a real estate commission of $8,000 and legal fees of $2,000 to complete the sale. Gege had purchased the home in 2015 for $110,000 In 2018, she purchased a summer cottage for $74,000. She sold it in 2021 for $175,000. She paid a legal fee of $1,000 to draw up the sale agreement. Gege had used the summer cottage regularly for summer vacations. 2. Gege's gross salary from January 1, 2021, to her date of retirement was $39,900. 3. Three years ago, Gege purchased 20% of the shares of Q Ltd. and 15% of the shares of XYZ Ltd. Both are Canadian-controlled private corporations. Q's assets consist entirely of investment properties, including shares, bonds, and rental properties. All of XYZ's assets are used to operate an active business. Gege sold her shares in both corporations in 2021. Details of the transactions are outlined below. Q Ltd. XYZ Ltd. Cost $39,900 $53,200 Selling price $83, 800 $37, 300 Gege received $12,000 in cash for the Q Lid. shares, with the balance payable at the rate of $9,000 annually for the next six years. Any remaining balance will be paid in the seventh year following the sale. The XYZ Ltd. shares were sold for cash. 4. A local farmer has been trying to purchase Geae's hobby farm land. Gede purchased the land 5 vears ago for $69.000. In July 2021