It applies the Canadian Tax principle. Can you help me complete requirement 1? Thank you.

Homework: Module 8: Property Income Question 8, Question 7.1.14 Part 1 of 5 HW Score: 54.55%, 12 of 22 points O Points: 0 of 10 Save Dr. Julienne Hutchins has hired your professional services to file her income tax return. Dr. Hutchins is a retired surgeon. Due to her failing eyesight, Julienne was required to retire from her occupation at a younger age than normal. Fortunately, Julienne has more than enough income to support herself as a result of years of receiving a very large salary as a surgeon and a family inheritance. Julienne has invested most of her past employment earnings into a large portfolio which paid the following amounts during 2020, the current year. (Click on the icon to view Part 1 of the additional information.) (Click on the icon to view Part 2 of the additional information.) Required Requirement 1. Compute Dr. Hutchins's net property income for 2020. Fill in the table below to compute the net property income. (Round amounts to the nearest cent. Enter deductions with parentheses or a minus sign.) Property Income Amount Eligible dividends Ineligible dividends Interest income Foreign dividends Net rental income Carrying Charges Net property income Additional info (part 1) Amount $24,000 Item Dividends from public Canadian corporations (subject to high corporate tax rates): Dividends from private Canadian corporations (subject to low corporate tax rates): Interest income received from Canadian sources: Dividends from foreign corporations (translated into Canadian dollars): 32,500 18,000 12,200 Note: Total foreign dividends earned was $13,600 less foreign tax withheld of $1,400. Julienne's portfolio of investments includes a five-year investment contract purchased three years ago on September 1. The investment contract has a maturity value of $165,000 and an annual interest rate of 3%. The total interest earned on the investment contract will be paid on maturity on September 1, 2022, two years from now. Julienne did not receive any interest (cash) from this investment contract in 2020. Julienne's portfolio of investments is managed by a large Canadian brokerage firm called Appleton Investments Inc. ("Appleton") Appleton charges Julienne investment counsel fees of $5,400 during 2020. Print Done Additional info (part 2) In 2019, the previous year, Julienne received a large family inheritance, which she invested into a rental property. The property was purchased in 2019, and Julienne has claimed the maximum amount of capital cost allowance (CCA) on the property in 2019. In 2020, the opening UCC balance in CCA Class 1 for the rental building is $345,000 and Julienne would like to claim the maximum CCA deduction on the rental income in 2020. The rental income and expense information for 2020 is as follows. Item Rental income: Property tax: Property insurance: Property management fees: Utilities: Repair of a leaky faucet and water damage: Amount $2,700 per month 5,100 for the year 190 per month 200 per month 650 per month 1,600 To assist with filing her tax return, Julienne provides you with detailed records from her bank. The documents indicate that Julienne has borrowed the following amounts from her bank. $180,000 mortgage on the rental property with principal repayments totalling $13,000 and interest payments of $7,200 for 2020 $385,000 mortgage on Dr. Hutchins's personal home with principal repayments totalling $15,500 and interest payments of $7,600 for 2020 $180,000 loan used to purchase mutual funds with Appleton Investments Inc. Julienne paid interest of $4,850 on this loan during 2020. $49,500 loan used to purchase Julienne's personal use vehicle. Julienne paid $2,380 of interest on this loan during 2020. . Homework: Module 8: Property Income Question 8, Question 7.1.14 Part 1 of 5 HW Score: 54.55%, 12 of 22 points O Points: 0 of 10 Save Dr. Julienne Hutchins has hired your professional services to file her income tax return. Dr. Hutchins is a retired surgeon. Due to her failing eyesight, Julienne was required to retire from her occupation at a younger age than normal. Fortunately, Julienne has more than enough income to support herself as a result of years of receiving a very large salary as a surgeon and a family inheritance. Julienne has invested most of her past employment earnings into a large portfolio which paid the following amounts during 2020, the current year. (Click on the icon to view Part 1 of the additional information.) (Click on the icon to view Part 2 of the additional information.) Required Requirement 1. Compute Dr. Hutchins's net property income for 2020. Fill in the table below to compute the net property income. (Round amounts to the nearest cent. Enter deductions with parentheses or a minus sign.) Property Income Amount Eligible dividends Ineligible dividends Interest income Foreign dividends Net rental income Carrying Charges Net property income Additional info (part 1) Amount $24,000 Item Dividends from public Canadian corporations (subject to high corporate tax rates): Dividends from private Canadian corporations (subject to low corporate tax rates): Interest income received from Canadian sources: Dividends from foreign corporations (translated into Canadian dollars): 32,500 18,000 12,200 Note: Total foreign dividends earned was $13,600 less foreign tax withheld of $1,400. Julienne's portfolio of investments includes a five-year investment contract purchased three years ago on September 1. The investment contract has a maturity value of $165,000 and an annual interest rate of 3%. The total interest earned on the investment contract will be paid on maturity on September 1, 2022, two years from now. Julienne did not receive any interest (cash) from this investment contract in 2020. Julienne's portfolio of investments is managed by a large Canadian brokerage firm called Appleton Investments Inc. ("Appleton") Appleton charges Julienne investment counsel fees of $5,400 during 2020. Print Done Additional info (part 2) In 2019, the previous year, Julienne received a large family inheritance, which she invested into a rental property. The property was purchased in 2019, and Julienne has claimed the maximum amount of capital cost allowance (CCA) on the property in 2019. In 2020, the opening UCC balance in CCA Class 1 for the rental building is $345,000 and Julienne would like to claim the maximum CCA deduction on the rental income in 2020. The rental income and expense information for 2020 is as follows. Item Rental income: Property tax: Property insurance: Property management fees: Utilities: Repair of a leaky faucet and water damage: Amount $2,700 per month 5,100 for the year 190 per month 200 per month 650 per month 1,600 To assist with filing her tax return, Julienne provides you with detailed records from her bank. The documents indicate that Julienne has borrowed the following amounts from her bank. $180,000 mortgage on the rental property with principal repayments totalling $13,000 and interest payments of $7,200 for 2020 $385,000 mortgage on Dr. Hutchins's personal home with principal repayments totalling $15,500 and interest payments of $7,600 for 2020 $180,000 loan used to purchase mutual funds with Appleton Investments Inc. Julienne paid interest of $4,850 on this loan during 2020. $49,500 loan used to purchase Julienne's personal use vehicle. Julienne paid $2,380 of interest on this loan during 2020