Mr. Bernard works for a large Canadian public pharmaceutical company and earns a gross salary of $110,000 His employer deducted the following amounts from his gross salary: $10,000 income taxes $2,732 CPP $856 EI $2,500 RPP $500 union dues $500 disability insurance premium His employer provides him the following benefits during current year Pays private health insurance premiums of $2,300 RPP contribution of $2,000 A loan of $100,000 at 1% interest rate on January 1, prescribed rate was 2.5% throughout the year Disability insurance premium of $0. Travelling allowance of $500. Pays life insurance premiums of $490. A company car: Cost was $30,000. The car was available to Bernard for 12 months during the year. Bernard drove a total of 30,000km, and personal travel was 10,000km, Stock options o On January 15, 2020 Mr. Bernard was granted options to buy 2,000 shares at a price of $17 per share. At this time the shares were trading at $18 per share. o Mr. Bernard exercises all of the options when the shares are trading at $20 on July 15, 2020 On September 10, 2020 the share price spikes and Mr. Bernard sold 1,000 shares for $26 per share. Mr. Bernard injured himself and was out of work for two months. He received $4,000 from disability insurance company. This was Bernard's first year to have disability insurance. Mr. Bernard sold the following items. Apple shares for $30,000 (ACB was $22,000). IMB shares for $10,000 (ACB was $12,000). Jewellery for $1,400 (ACB was $800). Mr. Bernard gave $10,000 bonds to each of his 20-year and 15-year child. Each child earned $200 interest during the year Mr. Bernard holds shares of other companies, and the shares pay the following dividends. Bob's Telephone Co. pays $2,000 eligible dividends. Orange Tech Co. pay $5,000 non-eligible dividends. Required: Determine Bemard's total income for year ending December 31, 2020 Enter your final number on the line provided (use "-"sign for negative numbers and enter 0 for irrelevant Required: Determine Bernard's total income for year ending December 31, 2020 Enter your final number on the line provided (use "-"sign for negative numbers and enter o for irrelevant items). Do not use S sign. Employment Income: Gross Salary 110,000 Life Insurance premiums paid by employer nil Stock Option Benefits 4000 Income tax deducted from salary CPP deducted from salary El deducted from salary RPP deducted from salary (paid by employee) Union dues deducted RPP paid by employer Private health insurance premiums paid by employer Travelling allowance paid by employer Disability benefits Loan benefits Auto Benefits 3(a) Net Employment income. Property Income: Eligible Dividends Ineligible Dividends LOOM nens Auto Benefits 3(a) Net Employment income...... Property Income: Eligible Dividends Ineligible Dividends Interest attributed from 15-year old Interest attributed from 20-year old 3(a) Net property income.. Taxable Capital Gains: Stock Options Jewellery Apple Share IBM shares 3(b) Total Taxable Capital gains. Total Income Mr. Bernard works for a large Canadian public pharmaceutical company and earns a gross salary of $110,000 His employer deducted the following amounts from his gross salary: $10,000 income taxes $2,732 CPP $856 EI $2,500 RPP $500 union dues $500 disability insurance premium His employer provides him the following benefits during current year Pays private health insurance premiums of $2,300 RPP contribution of $2,000 A loan of $100,000 at 1% interest rate on January 1, prescribed rate was 2.5% throughout the year Disability insurance premium of $0. Travelling allowance of $500. Pays life insurance premiums of $490. A company car: Cost was $30,000. The car was available to Bernard for 12 months during the year. Bernard drove a total of 30,000km, and personal travel was 10,000km, Stock options o On January 15, 2020 Mr. Bernard was granted options to buy 2,000 shares at a price of $17 per share. At this time the shares were trading at $18 per share. o Mr. Bernard exercises all of the options when the shares are trading at $20 on July 15, 2020 On September 10, 2020 the share price spikes and Mr. Bernard sold 1,000 shares for $26 per share. Mr. Bernard injured himself and was out of work for two months. He received $4,000 from disability insurance company. This was Bernard's first year to have disability insurance. Mr. Bernard sold the following items. Apple shares for $30,000 (ACB was $22,000). IMB shares for $10,000 (ACB was $12,000). Jewellery for $1,400 (ACB was $800). Mr. Bernard gave $10,000 bonds to each of his 20-year and 15-year child. Each child earned $200 interest during the year Mr. Bernard holds shares of other companies, and the shares pay the following dividends. Bob's Telephone Co. pays $2,000 eligible dividends. Orange Tech Co. pay $5,000 non-eligible dividends. Required: Determine Bemard's total income for year ending December 31, 2020 Enter your final number on the line provided (use "-"sign for negative numbers and enter 0 for irrelevant Required: Determine Bernard's total income for year ending December 31, 2020 Enter your final number on the line provided (use "-"sign for negative numbers and enter o for irrelevant items). Do not use S sign. Employment Income: Gross Salary 110,000 Life Insurance premiums paid by employer nil Stock Option Benefits 4000 Income tax deducted from salary CPP deducted from salary El deducted from salary RPP deducted from salary (paid by employee) Union dues deducted RPP paid by employer Private health insurance premiums paid by employer Travelling allowance paid by employer Disability benefits Loan benefits Auto Benefits 3(a) Net Employment income. Property Income: Eligible Dividends Ineligible Dividends LOOM nens Auto Benefits 3(a) Net Employment income...... Property Income: Eligible Dividends Ineligible Dividends Interest attributed from 15-year old Interest attributed from 20-year old 3(a) Net property income.. Taxable Capital Gains: Stock Options Jewellery Apple Share IBM shares 3(b) Total Taxable Capital gains. Total Income