On May 1 of this year, Mr. Rogers borrowed from his employer, Oilers Inc., $35,000 with a 3% promissory note with the principal repayable in 5 equal installments on the anniversary date and interest payable monthly. Mr. Rogers spent the $35,000 on the following $10,000 for a used car which he needs to carry out his duties of employment 60% of the time. $5,000 for acquiring dividend-paying common shares in a corporation and $20,000 as a down payment on a on a new condo which he moved into right away Assume the following prescribed rates: 1st quarter -7% 2nd quarter - 6% 3rd quarter -8% 4th quarter - 7% REQUIRED Discuss the tax consequences of the above transactions supporting them with calculations, ignore any leap year implications. On May 1 of this year, Mr. Rogers borrowed from his employer, Oilers Inc., $35,000 with a 3% promissory note with the principal repayable in 5 equal installments on the anniversary date and interest payable monthly. Mr. Rogers spent the $35,000 on the following $10,000 for a used car which he needs to carry out his duties of employment 60% of the time. $5,000 for acquiring dividend-paying common shares in a corporation and $20,000 as a down payment on a on a new condo which he moved into right away Assume the following prescribed rates: 1st quarter -7% 2nd quarter - 6% 3rd quarter -8% 4th quarter - 7% REQUIRED Discuss the tax consequences of the above transactions supporting them with calculations, ignore any leap year implications