During 2020, Ms. Rhonda Holland receives $5500 in eligible dividends from taxable Canadian corporations. Her income is such that all additional amounts will be taxed at a 29 percent federal rate and a 17 percent provincial rate. Her provincial dividend tax credit for eligible dividends is equal to 27 percent of the gross up. What is the total federal and provincial dividend tax credit she will be eligible for as a result of these dividends? Round to the nearest dollar. Do NOT write commas, dollar signs, or decimals in your response. Your Answer: Answer ACCT 3036 - Intermediate Accounting 1: Summer 2021 PROJECT THE COMPANY: Aylmer Industries Inc. (Aylmer) has been in business since 2018. Aylmer has two main business segments. This first segment is the construction of large-scale projects. In 2020, Aylmer had two large construction projects in process. The other segment is the sale of construction equipment . Details of the construction projects and the sale of construction equipment can be found later in this document and in the accompanying Excel file. Aylmer had 100,000 common shares outstanding and the shares are publicly traded. Since Aylmer is a publicly traded company, it follows IFRS. There are no preferred shares outstanding. Aylmer posted accounting transactions throughout the year. The Excel unadjusted trial balance was prepared from the recorded transactions. Aylmer's fiscal year-end is December 31. As a year-end review, management of Aylmer discovered that the following items have NOT beca recorded and are NOT reflected in the unadjusted trial balance provided at December 31. 2020. For any journal entries, use December 31 as the date for the entries. The accompanying Excel spreadsheet has important information and requirements. Please review the entire file carefully. The unadjusted trial balance at December 31, 2020 and final trial balance at December 31, 2019 are provided in the Excel file for comparison purposes. Please see the Excel tab labelled "Trial Balance". Use this Excel file and this tab to post journal entries as required, and to ensure that the worksheet remains in balance. You should use the worksheet to provide the ending balances needed to prepare the financial statements at December 31, 2020 Ignore income taxes for this project. REQUIRED (please read the entire document before starting the project) Analyze and review the following items (a -T) and determine the appropriate journal entry, if any, required. Record the appropriate journal entry in the Excel tab labelled "Journal entries". Use the various tabs in the Excel file to perform calculations and use the tabs as support for your journal entries, financial statement preparation, and notes to the financial statements. Read the transactions below very carefully and the requirements that follow. This project accounts for 15% of your final grade and is due on Friday August 6, 2021 @11:59 pm. You should complete this project on your own but please ask questions as you progress through the project. If there is time, virtual classes may be allocated to questions related to the project. NOTE - before you begin the Excel work, enter your student ID number on the Excel tab "Students First Step" as indicated. See the "REQUIRED" section below for important information
