Exam Exercise Seven - 11 (Rental Income) Alex Bodvin acquires a residential rental property onJune 1, 2014 at a total cost of $423,000. Of this total, $132,000 can be allocated to the value of the land. He immediately spends $42,000 to make major improvements to the property. Rents for the year total $32,000, while rental expenses other than CCA total $27,500. This is the only rental property owned by Mr. Bodvin. Determine the maximum CCA that is available for 2014. In addition, determine Mr. Bodvin's minimum net rental income for the year