Hi , Entire question is in 4 images. There are 2 parts to the question. Images are in chronological sequence (beginning to end order). It is due soon. Thank you

ACCOUNTING Assignment Winter 2021 Mack has been employed since 2016 by PUBLIC CO., a Canadian public corporation incorporated in Ontario in 2014. PUBLIC sells office cleaning supplies. Mack has asked you, Phil the trusted tax guy at PUBLIC for your help in the preparation of his 2020 personal tax return. He has provided you with the following information about his receipts and selected disbursements. 1. $116,000 Salary, bonus Deductions: Income taxes Canada Pension Plan premium Utilities (300/3,000 * $1,200) Employment Insurance premium Meal costs during trips to plant Cell phone purchased Group accident disability insurance premiums Net Income $38,000 2,898 120 860 565 600 800 (43,843) $ 72.157 2. Included in the above salary, bonus amount is a $5,000 bonus that was awarded to him on December 31st 2020 and paid on the next payroll run date of January 14th 2021. 3. Two years ago, Public Co. granted Mack an option to purchase 2,000 of its common shares at $32 per share. At the time the option was granted, PUBLIC's shares were trading at the value of $30 per share. On January 31, 2020, Mack exercised the options and purchased 2,000 shares of Public Co. (trading value at purchase date was $44 per share). On November 30, 2020, he sold all of the shares at $48 each. 4. A cash birthday gift of $250 was paid to Mack. Public Co. corporate policy was to deduct such gifts to determine corporate income. 5. PUBLIC Co requires that Mack work out of his home from time to time. They have supplied him with a computer and printer for this purpose; however, he must pay for his own supplies. His house is 3,000 square feet and his workstation is in a room of about 300 square feet. He also uses the room as a den and guest room. Utility costs for his home for 2020 amounted to $1,200. Mack has not kept a log of the dates when he worked from home. 6. Mack travels out of town from time to time to PUBLIC's manufacturing plant. Public Co. reimburses him for all travel costs, except meal costs. The plant is only 90 km from the head office, and he always returns home the same day after working a normal eight-hour day. 7. In June 2020, Mack was in accident and was unable to work for six weeks. During this period, he received disability payments totalling $13,427 from Soo Disability Assurance Co. All disability insurance premiums were paid by Mack through payroll deduction. 8. During the holiday season in 2020, Public Co. gave all of its employees a Yeti cooler package with the company name etched in them that cost the company $275 per employee, including applicable taxes. PUBLIC has in excess of 100 employees. The company claimed these costs as a business expense in computing corporate taxable income. 9. Public Co. installed recreational facilities at its head office which allowed for proper distancing protocols to be followed. All employees are permitted to use these facilities free of charge. The equivalent value for similar facilities at a private club would be $1,400 per year, including applicable taxes. 10. Mack purchased a new cell phone for $600 including taxes to use while he was on the road. The employer did not reimburse him for this purchase. 11. In April of 2020 Public Co. paid local CPA Slim Shady $250 in cash of course to complete Mack's 2019 and 2018 personal tax returns as Mack had not previously filed them. Required: Part 1 75 % of assignment mark 30 marks out of 40 (a) Determine Mack's employment income and taxable income for 2020 in accordance with the provisions of the Act and the CRA's administrative position as reflected in IT-470R and related announcements (b) Briefly explain why any items were omitted from the calculations above. For Part 1, include your legislated/administrative reference source for each item included, referencing the page number in the text is not required. Part 2 25 % of assignment mark 10 marks out of 40 Mack's fiance Debra has some stock option and employer leased questions for you. She has some hypothetical" questions for you that she would like answers to. Debra works for a public corporation, Ground Effects Corporation Her stock question is.... On January 1, 2019, she was given an option to purchase 1,000 shares of GROUNF EFFECTS for $8 per share the option extended for two years). On December 15, 2019, she exercised her option and bought 1,000 shares at $8 per share. On June 15, 2022, Debra sold the 1,000 shares. The value of the shares at the particular dates was as follows: Date option granted Date option exercised Date shares sold $ 8.50 $10.00 $14.00 Required: 1. Determine and present the amount and type of income from these transactions and in which year that income is taxable based on the above ? 2. Determine and present the amount and type of income from these transactions and in which year that income is taxable if the value of the shares at the date the option was granted was $7.50 rather than $8.50 ? 3. Determine and present the amount and type of income from these transactions and in which year that income is taxable if Ground Effects was a Canadian-controlled private corporation based on the following amounts. Date option granted Date option exercised Date shares sold $ 8.50 $10.00 $14.00 Debra's automotive question is as follows..... Debra's employer has provided her with a company leased 2020 Toyota 4Runner Sport in 2020 for the first time. Prior to 2020 she used her own vehicle, a 2001 Honda Civic from 2001 to 2019. Details of this lease, vehicle usage, and cost details are as follows. Monthly logs are submitted to payroll within 5 days of the month end. Debra pays through payroll deduction 10 cents per kilometer for personal use based on these logs. Annual lease including HST is $7,500 Operating costs for the vehicle for the year, paid by the employer is $4,800 including HST Business use by Debra totaled 24,000 kms while personal use totaled 16,000 kms Debra had access to the vehicle in all 12 months for the year. Required: Determine and present to Debra the total automobile benefit amount that her employer would report on her T4 slip for the 2020 year. End of assignment requirements. ACCOUNTING Assignment Winter 2021 Mack has been employed since 2016 by PUBLIC CO., a Canadian public corporation incorporated in Ontario in 2014. PUBLIC sells office cleaning supplies. Mack has asked you, Phil the trusted tax guy at PUBLIC for your help in the preparation of his 2020 personal tax return. He has provided you with the following information about his receipts and selected disbursements. 1. $116,000 Salary, bonus Deductions: Income taxes Canada Pension Plan premium Utilities (300/3,000 * $1,200) Employment Insurance premium Meal costs during trips to plant Cell phone purchased Group accident disability insurance premiums Net Income $38,000 2,898 120 860 565 600 800 (43,843) $ 72.157 2. Included in the above salary, bonus amount is a $5,000 bonus that was awarded to him on December 31st 2020 and paid on the next payroll run date of January 14th 2021. 3. Two years ago, Public Co. granted Mack an option to purchase 2,000 of its common shares at $32 per share. At the time the option was granted, PUBLIC's shares were trading at the value of $30 per share. On January 31, 2020, Mack exercised the options and purchased 2,000 shares of Public Co. (trading value at purchase date was $44 per share). On November 30, 2020, he sold all of the shares at $48 each. 4. A cash birthday gift of $250 was paid to Mack. Public Co. corporate policy was to deduct such gifts to determine corporate income. 5. PUBLIC Co requires that Mack work out of his home from time to time. They have supplied him with a computer and printer for this purpose; however, he must pay for his own supplies. His house is 3,000 square feet and his workstation is in a room of about 300 square feet. He also uses the room as a den and guest room. Utility costs for his home for 2020 amounted to $1,200. Mack has not kept a log of the dates when he worked from home. 6. Mack travels out of town from time to time to PUBLIC's manufacturing plant. Public Co. reimburses him for all travel costs, except meal costs. The plant is only 90 km from the head office, and he always returns home the same day after working a normal eight-hour day. 7. In June 2020, Mack was in accident and was unable to work for six weeks. During this period, he received disability payments totalling $13,427 from Soo Disability Assurance Co. All disability insurance premiums were paid by Mack through payroll deduction. 8. During the holiday season in 2020, Public Co. gave all of its employees a Yeti cooler package with the company name etched in them that cost the company $275 per employee, including applicable taxes. PUBLIC has in excess of 100 employees. The company claimed these costs as a business expense in computing corporate taxable income. 9. Public Co. installed recreational facilities at its head office which allowed for proper distancing protocols to be followed. All employees are permitted to use these facilities free of charge. The equivalent value for similar facilities at a private club would be $1,400 per year, including applicable taxes. 10. Mack purchased a new cell phone for $600 including taxes to use while he was on the road. The employer did not reimburse him for this purchase. 11. In April of 2020 Public Co. paid local CPA Slim Shady $250 in cash of course to complete Mack's 2019 and 2018 personal tax returns as Mack had not previously filed them. Required: Part 1 75 % of assignment mark 30 marks out of 40 (a) Determine Mack's employment income and taxable income for 2020 in accordance with the provisions of the Act and the CRA's administrative position as reflected in IT-470R and related announcements (b) Briefly explain why any items were omitted from the calculations above. For Part 1, include your legislated/administrative reference source for each item included, referencing the page number in the text is not required. Part 2 25 % of assignment mark 10 marks out of 40 Mack's fiance Debra has some stock option and employer leased questions for you. She has some hypothetical" questions for you that she would like answers to. Debra works for a public corporation, Ground Effects Corporation Her stock question is.... On January 1, 2019, she was given an option to purchase 1,000 shares of GROUNF EFFECTS for $8 per share the option extended for two years). On December 15, 2019, she exercised her option and bought 1,000 shares at $8 per share. On June 15, 2022, Debra sold the 1,000 shares. The value of the shares at the particular dates was as follows: Date option granted Date option exercised Date shares sold $ 8.50 $10.00 $14.00 Required: 1. Determine and present the amount and type of income from these transactions and in which year that income is taxable based on the above ? 2. Determine and present the amount and type of income from these transactions and in which year that income is taxable if the value of the shares at the date the option was granted was $7.50 rather than $8.50 ? 3. Determine and present the amount and type of income from these transactions and in which year that income is taxable if Ground Effects was a Canadian-controlled private corporation based on the following amounts. Date option granted Date option exercised Date shares sold $ 8.50 $10.00 $14.00 Debra's automotive question is as follows..... Debra's employer has provided her with a company leased 2020 Toyota 4Runner Sport in 2020 for the first time. Prior to 2020 she used her own vehicle, a 2001 Honda Civic from 2001 to 2019. Details of this lease, vehicle usage, and cost details are as follows. Monthly logs are submitted to payroll within 5 days of the month end. Debra pays through payroll deduction 10 cents per kilometer for personal use based on these logs. Annual lease including HST is $7,500 Operating costs for the vehicle for the year, paid by the employer is $4,800 including HST Business use by Debra totaled 24,000 kms while personal use totaled 16,000 kms Debra had access to the vehicle in all 12 months for the year. Required: Determine and present to Debra the total automobile benefit amount that her employer would report on her T4 slip for the 2020 year. End of assignment requirements