Photo Tonight, a film-developing and camera-repair franchise, began business on January 1, 2020. In the process of beginning operations, it incurred the following capital expenditures: Developing equipment Furniture and fixtures Small tools (under $500) Class 14 Franchise (expires in 20 years) Incorporation costs Pickup truck Class 13 Leasehold improvements (10-year lease) $ 90,000 40,000 25,000 84.000 7,000 16,000 34,000 The business was immediately successful and generated substantial profits for the years ended December 31, 2020 and 2021. In 2021, the truck was traded in for a larger unit costing $ 20,200. A value of $ 7,000 was assigned to the old truck when it was traded in. In 2022, the owner was forced to leave the business due to illness. As a result, the assets were valued and sold on December 31, 2022, for the following values: Developing equipment Furniture and fixtures Small tools Franchise Incorporation costs Pickup truck Leasehold improvements Goodwill $ 70,000 15,000 14,000 88,000 -0- 15,000 15,000 30,000 Complete the table below to calculate the effect of all these transactions on net income for tax purposes for the 2020, 2021, and 2022 taxation years. (Use a minus sign (-) when entering numbers that reduce UCC.) Rate 8 Furniture 10 Truck 12 Small Tools 14 Franchise 13 Leasehold Improvements 53 14.1 Manufacturing Incorporation Equipment costs Good Will 2020 Purchase CCA UCC 2021 Purchase Disposal CCA UCC 2022 Disposal Recapture (Terminal Loss) Ending UCC balance Photo Tonight, a film-developing and camera-repair franchise, began business on January 1, 2020. In the process of beginning operations, it incurred the following capital expenditures: Developing equipment Furniture and fixtures Small tools (under $500) Class 14 Franchise (expires in 20 years) Incorporation costs Pickup truck Class 13 Leasehold improvements (10-year lease) $ 90,000 40,000 25,000 84.000 7,000 16,000 34,000 The business was immediately successful and generated substantial profits for the years ended December 31, 2020 and 2021. In 2021, the truck was traded in for a larger unit costing $ 20,200. A value of $ 7,000 was assigned to the old truck when it was traded in. In 2022, the owner was forced to leave the business due to illness. As a result, the assets were valued and sold on December 31, 2022, for the following values: Developing equipment Furniture and fixtures Small tools Franchise Incorporation costs Pickup truck Leasehold improvements Goodwill $ 70,000 15,000 14,000 88,000 -0- 15,000 15,000 30,000 Complete the table below to calculate the effect of all these transactions on net income for tax purposes for the 2020, 2021, and 2022 taxation years. (Use a minus sign (-) when entering numbers that reduce UCC.) Rate 8 Furniture 10 Truck 12 Small Tools 14 Franchise 13 Leasehold Improvements 53 14.1 Manufacturing Incorporation Equipment costs Good Will 2020 Purchase CCA UCC 2021 Purchase Disposal CCA UCC 2022 Disposal Recapture (Terminal Loss) Ending UCC balance