Dr. Sue Chen has hired your professional services to file her income tax return. Dr. Chen is a retired surgeon. Due to her failing eyesight, Sue was required paid the following amounts during 2020 , the current year. (Click on the icon to view Part 1 of the additional information.) Requirement 1. Compute Dr. Chen'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.) Additional info (part 1) Additional info (part 2) In 2019, the previous year, Sue received a large family inheritance, which she invested into a rental property. The property was purchased in 2019 , and Sue 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 $355,000 and Sue 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. Additional info (part 2) \begin{tabular}{lr|} \hline Utilities: & 620 per month \\ Repair of a leaky faucet and & 1,550 \\ water damage: \end{tabular} To assist with filing her tax return, Sue provides you with detailed records from her bank. The documents indicate that Sue has borrowed the following amounts from her bank. - $180,000 mortgage on the rental property with principal repayments totalling $14,500 and interest payments of $6,800 for 2020 - $390,000 mortgage on Dr. Chen's personal home with principal repayments totalling $18,000 and interest payments of $8,800 for 2020 - $180,000 loan used to purchase mutual funds with Premier Investments Inc. Sue paid interest of $4,800 on this loan during 2020 . - $47,000 loan used to purchase Sue's personal use vehicle. Sue paid $2,400 of interest on this loan during 2020. Dr. Sue Chen has hired your professional services to file her income tax return. Dr. Chen is a retired surgeon. Due to her failing eyesight, Sue was required paid the following amounts during 2020 , the current year. (Click on the icon to view Part 1 of the additional information.) Requirement 1. Compute Dr. Chen'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.) Additional info (part 1) Additional info (part 2) In 2019, the previous year, Sue received a large family inheritance, which she invested into a rental property. The property was purchased in 2019 , and Sue 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 $355,000 and Sue 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. Additional info (part 2) \begin{tabular}{lr|} \hline Utilities: & 620 per month \\ Repair of a leaky faucet and & 1,550 \\ water damage: \end{tabular} To assist with filing her tax return, Sue provides you with detailed records from her bank. The documents indicate that Sue has borrowed the following amounts from her bank. - $180,000 mortgage on the rental property with principal repayments totalling $14,500 and interest payments of $6,800 for 2020 - $390,000 mortgage on Dr. Chen's personal home with principal repayments totalling $18,000 and interest payments of $8,800 for 2020 - $180,000 loan used to purchase mutual funds with Premier Investments Inc. Sue paid interest of $4,800 on this loan during 2020 . - $47,000 loan used to purchase Sue's personal use vehicle. Sue paid $2,400 of interest on this loan during 2020
