John Ingles has provided you with the following information related to his various investment dings as of December 31, 2019. I botslsid Interest earned on joint bank account with his spouse (spouse contributes equally) Interest earned on his investment account (not joint) with his investment broker 2,000 e800 o 450 Interest earned on 2018 personal income tax assessment Interest on short-term investments: $20,000 term deposit taken out November 30, 2019 (interest at maturity in six months) Accrued interest from December 1 to December 31, 2019 $200,000 GIC purchased November 1, 2018 (interest payable at maturity on October 31, 2021) Accrued interest from November 1, 2018 to October 31, 2019 Accrued interest from January 1, 2019 to December 31, 2019 Government of Canada Treasury Bills purchased for $9,009 on January 3, 2019 Amount received on maturity on December 31, 2019. Cash dividends received from investment in common shares of Canadian resi- dent public corporations Cash dividends received from common shares in US corporations (net of $3,000 of foreign withholding taxes; all in Canadian dollars) Rental details from operation of two separate rental properties: L #2S 85 LOSEOU Es DA Q1AJQ 16,000 odg aiet1 16,214 10,000 24,000 RTOUICE 17,000 Property 1 Property 2 CTEAGE LGIWAG Gross rental revenue. Utilities Property taxes Repairs Mortgage interest Opening UCC $ 30,000 5,000 2,400 1,500 20,000 $368,209 $520,225d $ 46,000 8,000 3,500 4,800 32,000 1.78 Introduction to Federal Income Taxati Interest expenses paid during 2019: baaoqotg 9 1osamit Interest on bank line of credit used for investing in shares described above $50,000 Interest on loan to acquire an automobile for his daughter for her 18th birth- day 3,200 1aeodit uorc 10,000 Interest on a parcel of vacant land (purchased in 2014, the land does not generate any income) 000 dirw 09 WO O2ls ruT sba nsblasn abidw sq odduc nbsD Based on the above, John has asked you to calculate his income for the year. He would also like you to comment on the income tax implications of items not included in your calculations. John Ingles has provided you with the following information related to his various investment dings as of December 31, 2019. I botslsid Interest earned on joint bank account with his spouse (spouse contributes equally) Interest earned on his investment account (not joint) with his investment broker 2,000 e800 o 450 Interest earned on 2018 personal income tax assessment Interest on short-term investments: $20,000 term deposit taken out November 30, 2019 (interest at maturity in six months) Accrued interest from December 1 to December 31, 2019 $200,000 GIC purchased November 1, 2018 (interest payable at maturity on October 31, 2021) Accrued interest from November 1, 2018 to October 31, 2019 Accrued interest from January 1, 2019 to December 31, 2019 Government of Canada Treasury Bills purchased for $9,009 on January 3, 2019 Amount received on maturity on December 31, 2019. Cash dividends received from investment in common shares of Canadian resi- dent public corporations Cash dividends received from common shares in US corporations (net of $3,000 of foreign withholding taxes; all in Canadian dollars) Rental details from operation of two separate rental properties: L #2S 85 LOSEOU Es DA Q1AJQ 16,000 odg aiet1 16,214 10,000 24,000 RTOUICE 17,000 Property 1 Property 2 CTEAGE LGIWAG Gross rental revenue. Utilities Property taxes Repairs Mortgage interest Opening UCC $ 30,000 5,000 2,400 1,500 20,000 $368,209 $520,225d $ 46,000 8,000 3,500 4,800 32,000 1.78 Introduction to Federal Income Taxati Interest expenses paid during 2019: baaoqotg 9 1osamit Interest on bank line of credit used for investing in shares described above $50,000 Interest on loan to acquire an automobile for his daughter for her 18th birth- day 3,200 1aeodit uorc 10,000 Interest on a parcel of vacant land (purchased in 2014, the land does not generate any income) 000 dirw 09 WO O2ls ruT sba nsblasn abidw sq odduc nbsD Based on the above, John has asked you to calculate his income for the year. He would also like you to comment on the income tax implications of items not included in your calculations