It is Canadian Income Tax, all information approved

Christine Rue transfers a non-depreciable capital property to a corporation, using the provisions of ITA 85. The property has a fair market value of $342,000 and an adjusted cost base of $111,000 Required: 1. What's the amount of the ceiling and floor of this transfer? 2. Assume Christine transfers at $111,000. The consideration she receives are as follows. Calculate the ACB of the Preferred Shares and Common Shares . Cash of $21,000 Preferred shares with a fair market value of $50,000. . Common shares with a fair market value of $271,000. Other Information: 1. Sales And Other Revenues Included $120,000 In exempt supplles and $116,000 in zero-rated supplles. The remaining sales were fully taxable for HST purposes. 2. All of the goods sold involved the provision of either fully taxable or zero-rated supplies. During the year, inventories of these goods decreased by $74,000. HST was paid on all goods that were purchased for resale during the year. 3. Capital expenditures for the year amounted to $1,200,000 before HST. HST was paid on all amounts of this total, $800,000 was for an office building that will be used 85 percent for the provision of fully taxable or zero-rated supplies. The remaining $400,000 was for equipment that will be used 27 percent in the provision of exempt supplies. HST was paid on the acquisition of all assets on which amortization is being taken during the year. 4. All of the Other Operating Expenses involved the acquisition of fully taxable supplies and were acquired to assist in the provision of fully taxable supplies. 5. Of the Salaries And Wages, 32 percent were paid to employees involved in providing exempt supplies. Required: Calculate the net HST payable or refund that Montagne Inc. will remit or receive for the current year. You must write "Nil" or "NIA" if an item in the Income Statement is not subject to GSTHST. Otherwise marks will not be given. You must also give the "notes" for explanations