Dr. Jordan Davis has hired your professional services to file her income tax return. Dr. Davis is a retired surgeon. Due to her failing eyesight, Jordan was required to retire from her occupation at a younger age than normal. Fortunately, Jordan has more than enough income to support herself as a result of years of receiving a very large salary as surgeon and a family inheritance. Jordan has invested most of her past employment earnings into a large portfolio which paid the following amounts during 2020, the current year. (Click on the icon to view Part 1 of the additional information.) (Click on the icon to view Part 2 of the additional information.) Required .. Requirement 1. Compute Dr. Davis's net property income for 2020. Fill in the table below to compute the net property income. (Round amounts to the nearest cent. Enter deductions with parentheses or a minus sign.) Property Income Amount Eligible dividends Ineligible dividends Interest income Foreign dividends Net rental income Carrying Charges Net property income Amount $22,500 Item Dividends from public Canadian corporations (subject to high corporate tax rates): Dividends from private Canadian corporations (subject to low corporate tax rates): Interest income received from Canadian sources: Dividends from foreign corporations (translated into Canadian dollars): 33,750 18,200 12,800 Note: Total foreign dividends earned was $14,300 less foreign tax withheld of $1,500. Jordan's portfolio of investments includes a five-year investment contract purchased three years ago on September 1. The investment contract has a maturity value of $165,000 and an annual interest rate of 3%. The total interest earned on the investment contract will be paid on maturity on September 1, 2022, two years from now. Jordan did not receive any interest (cash) from this investment contract in 2020. Jordan's portfolio of investments is managed by a large Canadian brokerage firm called Top of the Hill Investments Inc. ("Top of the Hill) Top of the Hill charges Jordan investment counsel fees of $5,300 during 2020. a In 2019, the previous year, Jordan received a large family inheritance, which she invested into a rental property. The property was purchased in 2019, and Jordan has claimed the maximum amount of capital cost allowance (CCA) on the property in 2019. In 2020, the opening UCC balance in CCA Class 1 for the rental building is $335,000 and Jordan would like to claim the maximum CCA deduction on the rental income in 2020. The rental income and expense information for 2020 is as follows. Item Rental income: Property tax: Property insurance: Property management fees: Utilities: Repair of a leaky faucet and water damage: Amount $2,450 per month 5,200 for the year 130 per month 140 per month 590 per month 1,450 To assist with filing her tax return, Jordan provides you with detailed records from her bank. The documents indicate that Jordan has borrowed the following amounts from her bank $175,000 mortgage on the rental property with principal repayments totalling $15,000 and interest payments of $7,000 for 2020 $355,000 mortgage on Dr. Davis's personal home with principal repayments totalling $17,000 and interest payments of $8,600 for 2020 $165,000 loan used to purchase mutual funds with Top of the Hill Investments . Dr. Jordan Davis has hired your professional services to file her income tax return. Dr. Davis is a retired surgeon. Due to her failing eyesight, Jordan was required to retire from her occupation at a younger age than normal. Fortunately, Jordan has more than enough income to support herself as a result of years of receiving a very large salary as surgeon and a family inheritance. Jordan has invested most of her past employment earnings into a large portfolio which paid the following amounts during 2020, the current year. (Click on the icon to view Part 1 of the additional information.) (Click on the icon to view Part 2 of the additional information.) Required .. Requirement 1. Compute Dr. Davis's net property income for 2020. Fill in the table below to compute the net property income. (Round amounts to the nearest cent. Enter deductions with parentheses or a minus sign.) Property Income Amount Eligible dividends Ineligible dividends Interest income Foreign dividends Net rental income Carrying Charges Net property income Amount $22,500 Item Dividends from public Canadian corporations (subject to high corporate tax rates): Dividends from private Canadian corporations (subject to low corporate tax rates): Interest income received from Canadian sources: Dividends from foreign corporations (translated into Canadian dollars): 33,750 18,200 12,800 Note: Total foreign dividends earned was $14,300 less foreign tax withheld of $1,500. Jordan's portfolio of investments includes a five-year investment contract purchased three years ago on September 1. The investment contract has a maturity value of $165,000 and an annual interest rate of 3%. The total interest earned on the investment contract will be paid on maturity on September 1, 2022, two years from now. Jordan did not receive any interest (cash) from this investment contract in 2020. Jordan's portfolio of investments is managed by a large Canadian brokerage firm called Top of the Hill Investments Inc. ("Top of the Hill) Top of the Hill charges Jordan investment counsel fees of $5,300 during 2020. a In 2019, the previous year, Jordan received a large family inheritance, which she invested into a rental property. The property was purchased in 2019, and Jordan has claimed the maximum amount of capital cost allowance (CCA) on the property in 2019. In 2020, the opening UCC balance in CCA Class 1 for the rental building is $335,000 and Jordan would like to claim the maximum CCA deduction on the rental income in 2020. The rental income and expense information for 2020 is as follows. Item Rental income: Property tax: Property insurance: Property management fees: Utilities: Repair of a leaky faucet and water damage: Amount $2,450 per month 5,200 for the year 130 per month 140 per month 590 per month 1,450 To assist with filing her tax return, Jordan provides you with detailed records from her bank. The documents indicate that Jordan has borrowed the following amounts from her bank $175,000 mortgage on the rental property with principal repayments totalling $15,000 and interest payments of $7,000 for 2020 $355,000 mortgage on Dr. Davis's personal home with principal repayments totalling $17,000 and interest payments of $8,600 for 2020 $165,000 loan used to purchase mutual funds with Top of the Hill Investments