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Lancaster Industries Inc. began carrying on business in 2018 and has a December 31 fiscal year end. While it was fairly successful in its
Lancaster Industries Inc. began carrying on business in 2018 and has a December 31 fiscal year end. While it was fairly successful in its first year of operation, excessive production of an unmarketable product resulted in a large business loss for 2019. Profits have returned in 2020 and 2021. (Click the icon to view the Division B income and loss figures.) All of the dividends received are taxable dividends from taxable Canadian corporations. It is the policy of the company to minimize its net capital loss carry forward balance. Required Relevant division B income and loss The relevant Division B income and loss figures, along with charitable donations made during the years under consideration, are shown below. 2018 2019 2020 2021 Business Income (Loss) $ Find the minimum Net Income and Taxable Inc your answers to the nearest dollar.) The minimum net income is $ and the taxa Capital Gains (Losses) Dividends Received Charitable Donations 94,800 $ (9,800) (205,500) $ (13,400) 70,000 $ 88,800 8,200 9,800 vailable for carry back or carry forward. (Round 11,600 41,600 27,800 32,600 20,600 4,200 8,100 21,500 Find the minimum Net Income and Taxable Inc your answers to the nearest dollar.) vailable for carry back or carry forward. (Round The minimum net income is $, and the taxa Print Done Next
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