Fred Trent owned two residential rental properties in 2023 and the income and expenses are listed below. Income: Rental property #1: $2,000 rent per month from January to December. Rental property #2: $3,000 rent per month from January to December. However, the payment for December was received in January 2024. Annual expense: Rental property #1: property tax of $4,000; insurance of $2,000. Rental property #2: mortgage payment of $20,000 (including $10,000 interest + $10,000 principal); property tax of $5,000; insurance of $3,000. UCC at the beginning of the year - Rental property #1: $500,000 Rental property #2: $800,000 CCA class 1-4% Calculate rental income for Fred. Please show detailed calculation. Fred Trent owned two residential rental properties in 2023 and the income and expenses are listed below. Income: Rental property #1: $2,000 rent per month from January to December. Rental property #2: $3,000 rent per month from January to December. However, the payment for December was received in January 2024. Annual expense: Rental property #1: property tax of $4,000; insurance of $2,000. Rental property #2: mortgage payment of $20,000 (including $10,000 interest + $10,000 principal); property tax of $5,000; insurance of $3,000. UCC at the beginning of the year - Rental property #1: $500,000 Rental property #2: $800,000 CCA class 1-4% Calculate rental income for Fred. Please show detailed calculation.