i attached an excel file on how to answer that question.

The income statement that has been prepared by Corner Spa Lid's accountant for the current year ending June 30 is as follows: 625.000 230.000 395,000 Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Salaries and Wages Property taxes Amortization expense (see Note 1) Charitable donations Recreation club membership foos Moals and Entertainment (se Note 2) Repairs and Maintenance (see Note 3) Other operating expenses Operating income Other revenue and expenses Gain on sale of equipment Loss on sale of furniture Interest revenue Dividends from taxable Canadian corporations Income before taxes Income tax expense Income after taxes 127.000 24,000 48.000 4.800 14.400 29.000 35.000 67000 349 200 45,800 12,000 4,000 2.450 6.300 I 16.750 62,550 8,760 53.790 Note 1: Spa's assets include: UCC Land Building Furniture and equipment Delivery vans Cost 750,000 625.000 376,000 254.000 NBV 750.000 531250 284,000 186.000 553.000 212 000 124.000 During the year, Spa sold diaposed of worn furniture. The original cost was $4,000 and no proceeds were received. Custom equipment with an original cost of $49.000 was sold for $61,000. The equipment and furniture were replaced with new furniture and equipment costing 563.000 Note 2. Meals and Entertainment expense included $1,000 for the company Christmas party The remainder was spent while entertaining clients, Furniture and equipment Delivery yans 376.000 254.000 254,000 186.000 212,000 124.000 During the year, Spa sold disposed of wom furniture. The original cost was $4,000 and no proceeds were received. Custom equipment with an original cost of 549,000 was sold for $61,000. The equipment and furniture were replaced with new furniture and equipment costing $63.000 Note 2. Moals and Entertainment expense included $1,000 for the company Christmas party The remainder was spent while entertaining clients I Note 3: The major expense ($30,000) was incurred upgrading the flooring in the treatment rooms. The remainder was for servicing equipment and painting Note 4: Spa has $8,000 in their net capital loss pool, and a $12,000 balance in their non-capital loss carryover pool. Both losses were incurred in the previous fiscal period due to mandatod lockdowns. REQUIRED Assignment 1 Capital Cost Allowance Schedule (CCA): Using an Excel workbook, prepare the CCA schedule in good form for Comer Spa Ltd. You may use the vertical format as in the textbook: CCA Schedule Alternative to Schedule 8) Nole 3: The major expense ($30,000) was incurred upgrading the flooring in the treatment rooms. The remainder was for servicing equipment and painting Note 4: Spa has 58,000 in their net capital fons pool, and a $12,000 balance in their non-capital loss carryover pool. Both losses were incurred in the previous fiscal period due to mandated lockdowns REQUIRED: Assignment 1 Capital Cost Allowance Schedule (CCA): Using an Excel Workbook, prepare the CCA schedule in good form for Comer Spa Ltd. You may use the vertical format as in the textbook: CCA Schedule (Alternative to Schedule 8) Deduct lessor of cost of proceeds Disposal Beginning UCC Terminal Revised UCC 1/2 Year Rule Adjusted UCC CCA Rate Ending UCO Class Additions Recapture Loss Oscil CCA dass Additions 8 D 1 Rewal PSA Prepare a 2 Part Shoot 3 Par Gene very teatro wo 4 5 TESTING LIMITED INCOME STATEMENT 7 FOR THE ENEO DECEMBER 1.00 PE000 8 Costa 0.00 X 9 Der (450 ngoper 30 000 10 bome SO 11 Other 2000 Newt 2600 12 ore 2. 13 Notes Theme Beginning UCC 1 115,000 8 40,000 10 50,000 10.1 8.000 10.1 14 13 12.000 Deducti lesser L-K 0.5(3-KPM cost of proceer Revised Terminal fanyl Adu Disposals UCC Recapture Lass UCC 150,000) (35,000 35,000 (4,000) 36,000 (14,000 48,000 (6,000) 30,000 15,000 3,974 100,000 50,000 35.000 30,000 2.974 100,000 Class 14 Calculate daily CCA rate 21.95389682 16,026 UCC remaining at lan 1, 2019 Reconciliation Schedule (partial) Accounting Net Income Add: Recapture Amortization Loss on disposition of asset CCA 55,274 35,000 Deduct: 42,000 5,900 5 II FESTINGThey Wapy 7 TESTING yung a benefica 3.000 Gm 5.000 9 T 147.000 00200 Legendate $10.00 1 portanto 5.000 2 141 Durg w da bude A Og hade 1 | 19 AI LN 3 OF 300 C The 2.000 de med penses Class 10 Assets sold Building Class 8 Class 10 POD 150000 14000 275000 4500 12000 Campanial pena depredible asset 4000 6000 40000 ACB SA Q CCA Rate SER Endine UCC HE 1 M N Deductlesser K OK PLM.NO Beginning cost of proceed Revised Terminal if any Adjusted Class UCC Addition Disposals LUCE Recapture Less Acci UCC 1 115.000 (150,000) (35.000) 35,000 5 40,000 (4000) 36,000 36.000 10 50.000 12,000 (14,0001 48.000 45.000 10.1 1.000 (6.000) 10.1 30.000 30,000 15.000 45.000 14 3,976 3.974 3,974 13 100,000 100.000 50.000 150,000 35,000 28,800 33.600 20% 30% 30N 30 100 7,200 14400 1.200 13.500 1994 15.000 55.294 16.500 300 od S 85.000 12 Calculate dailyCCA rate CHHU H 2195389 3.974 16.026 UCC remaining at an 1, 2019 13000 Reconciliation Schedule (partial) Accounting Net Income Add Recapture Amortization Los on disposition of assef CCA 55.274 3000 6000 000 35,000 Deduct: 42.000 5,900 1105 in good Asset sold Building Class Class 10 Class 1 POD 150000 4000 14000 6000 AGB 275000 4500 17000 40000 Cannot have a capital loss on a depredable asset 500 100 Query for client CCA con 2001 Class 14 Calculate dailyCCA rate 21.95389682 16,026 UCC remainingatlan 1, 2019 Teh www. DESTINO logether. They Reconciliation Schedule (partial) del that the age w Accounting Net Income 1000 C) TEST yes and paid the cording Add 35,000 Deduct expenses Recapture 55,274 2.000 Amortization 42,000 6.000 547000 Loss on disposition of asset 5,900 of the 3000 110.000 A 100 Assets sold Building Class B Cass 10 Gass 101 M 2.000 O winding and POD 150000 4000 14000 6000 ACH 275000 4500 17000 40000 NA who we Cannot have a capital loss on a depreciable asset A 1000 Los by scor 4500 Don 3.000 Query for client pain Income Statement The folown intonation was the onus pense account Hockeygames gelton Other Income Note 25000 5.000 Mand enerosis of people 2000 loss on sale of assets 5900 Staff Reliday party and summer borte 0.000 Cost of sponsorglosas 5,000 ital assets 2. Sold building for 150,000, NSV 180.000 loss on sale of building $30,000, where is this reported? More forced calcune 6.500 The other income includes les on the sale of various and asses of 55100 conviving income tax you holda TESTIND had been changed SA and intens You do this with the courant and determined that the interests recorded in the income pense Capital 1. The following are the balance company Acesses at the end of its tant focal your Undeprecated capital.com 150 35.000 Class 14 Calcune 21.95389682 16,026 UCC remaining at an 1, 2015 3.94 183000 Reconciliation Schedule (partial) Acounting income Add: Recapture Amortisation Loss on disposition of asset 55,274 35.000 Deduct: 42,000 5.900 000 so 100 and Assets sold Building Class Class 10 dass 10.1 POD 150000 4000 14000 GOOD ACH 275000 4500 17000 40000 Cannot have a capital loss on a depreciable asset 883 Query for client Income Statement Other income Note 7 6.000 25000 22 000 e loss on sale of assets 5900 8.000 5.000 ital assets 2. Sold building for 150,000, NBV 180,000 loss on sale of building $30,000; where is this reported? 500 of $4,900 on the late payment of installments. You discussed this with the accountant and 6 determined that the interest was recorded in the income tax expense account 17 Capital Assets 8 The following are the balances in company's CCA dasses at the end of its tast fiscal year 39 Undepreciated capital cost Class 1 Single building (ON) $115.000 20 Class 8 Mutiple assets $40.000 11 Class 10 Multiple assets $50,000 Class 10.1 Passenger vehide $8,000 42 Dunng the year the company had following transactions 43 44 2 It sold its building in Class 1 and moved into rented space it received proceeds of $150,000 for the building which had an original cost of $275,000 and a netbook value of $180,000 45 46 3 tl solda cas set for 4,000 which had an original cost of $4,500 47 lt bought a dans 10 set for $12,000 also sold a class 10 anset for $14,000 which had an original cost of $17.000 48 49 6 Hoold medas 10.1 set for $8,000. This asset had un orginal cost of S40,000 The passenger vehicle was replaced by a new vehicle costing $50,000 50 51 6 Elective January , 2017 a limited We license (expiring June 30, 2020) was acquired for $20,000 in the license was purchased on January 1, 2017) 52 53 7 Leasehold improvements had been made to a leased warehouse Ellective Jan 1, 2020 TESTINGleased a whouse for a war term with an option to renew for an additional 5 54 years. In order to make the space aprovements worth 100,000 were made. 55 56 +