Michelle Huang runs a rapidly expanding cosmetics store in Penticton as a sole-proprietorship. She has provided you with the following information:

Income statement Sales

COGS

Gross profit

Sales, general & admin Amortization

loss on sale of building

Net income before income tax Provision for income taxes

Net income after income taxes

Other information:

To Dec 31, 2019

$ $ $

$ $ $

$ $ $

520,000 (350,000) 170,000

(60,000) (20,000) (15,000)

75,000 (13,000) 62,000

(a) The fixed assets information for the company is as follows: a. UCC balances at January 1, 2019 were as follows:

i. Class 1 (Single building) ii. Class 8 (Multiple assets) iii. Class 10 (Multiple assets)

$200,000 $ 60,000 $ 80,000

b. During the year Michelle had the following transactions:

i. On September 8th, 2019 a new building was purchased for $700,000. The

cost of the related land was an additional $400,000. It cost $20,000 to pave part of the land for use as a parking lot, for accounting purposes the