Labled Ltd was incorporated in 2003 and, since that time, it has been a Canadian controlled private company Between the date of its corporation and December 13,2019, it has had the following transactions that relate to the Companys capital dividend account In 2004, the Company received life insurance proceeds, net of the adjusted cost base of the policy, in the amount of $106,000 In 2006, the Company received a capital dividend of $36,300 In 2011, the Company paid a capital dividend of $25,200 The required election was made In 2012, the Company sold a capital asset with an adjusted cost base of $194,300 for proceeds of $236,100 In 2014, the Company sold two parcels of land The first parcel of land, which had an adjusted cost base of $48,600, was sold for $93,400 The second parcel of land, which had an adjusted cost base of $112,600, was sold for $108,300 In 2015, the Company paid a capital dividend of $16,400 The required election was made At the end of 2018, the Company sold an unlimited life franchise for $250,000 This franchise was acquired at the beginning of 2018 for $225,000 The Company took no amortization in 2018 Required Determine the balance in the Companys capital dividend account as of December 31,2019 Provide a separate calculation of the income inclusion resulting from the sale of the franchise

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Labled Ltd. was incorporated in 2003 and, since that time, it has been a Canadian controlled private company. Between the date of its corporation and

Labled Ltd. was incorporated in 2003 and, since that time, it has been a Canadian controlled private company. Between the date of its corporation and December 13,2019, it has had the following transactions that relate to the Companys capital dividend account.

In 2004, the Company received life insurance proceeds, net of the adjusted cost base of the policy, in the amount of $106,000.
In 2006, the Company received a capital dividend of $36,300.
In 2011, the Company paid a capital dividend of $25,200. The required election was made.
In 2012, the Company sold a capital asset with an adjusted cost base of $194,300 for proceeds of $236,100.
In 2014, the Company sold two parcels of land. The first parcel of land, which had an adjusted cost base of $48,600, was sold for $93,400. The second parcel of land, which had an adjusted cost base of $112,600, was sold for $108,300.
In 2015, the Company paid a capital dividend of $16,400. The required election was made.
At the end of 2018, the Company sold an unlimited life franchise for $250,000. This franchise was acquired at the beginning of 2018 for $225,000. The Company took no amortization in 2018.

Required: Determine the balance in the Companys capital dividend account as of December 31,2019. Provide a separate calculation of the income inclusion resulting from the sale of the franchise.