Lia Wright Is the sole shareholder of Newgardens Ltd$.($NGL$),$ a Canadian$-$controlled private corporation. The corporation holds Investments in shares, bonds, and real estate. You have been retained to complete NGL$\text{'}$s tax return for the year ended December $31,2023,$ and to provide certain other tax advice.It Is now February $15,2024,$ and you have gathered the information outlined below$\mathrm{.}1.$ The draft income statement for the year ended December $31,2023,$ Is as shown in the following chart.IncomeGain onLess ExpensesInterest on bonds and certificates $ $94,400$Dividend incomeNet loss from real estate rentals$40,000$sale of land $($Stoney Lake$)(19,000)$Share of profits of Rare Products Ltd$\mathrm{.}205,700145,200$Legal fees for general corporate affairsDirector's fees$(1,200)$Donations$-$charitable$(25,400)(9,700)$Income before income tax$$430,0002.$ NGL owns a $40\%$ interest in Sharlet $($a partnership$),$ which has a June $30,2023,$ year end. The partnership's profit for the year was $$200,000,$ which consisted of dividends from taxable Canadian corporations of $$96,800$ and royalties from mineral rights of $$145,200.$ On December $31,2023,$ NGL received $$100,000$ as its share of a partnership cash distribution. The partnership's results are not reflected in the above income statement$\mathrm{.}3.$ On September $30,2023,$ NGL purchased a $$100,000$ guaranteed investment certificate bearing $7\%$ interest. The company intends to record the interest of $$7,000$ on September $30,2024,$ its one$-$year anniversary date.