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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's tax return for the year ended December 31 , 2022 , and to provide certain other tax advice. It is now February 15, 2023, and you have gathered the information outlined below. 1. The draft income statement for the year ended December 31,2022 , is as follows: 2. NGL owns a 40\% interest in Sharlet (a partnership), which has a June 30, 2022, year end. The partnership's profit for the year was $200,000, which consisted of dividends from taxable Canadian corporations of $88,000 and royalties from mineral rights of $132,000. On December 31, 2022, NGL received $100,000 as its share of a partnership cash distribution. The partnership's results are not reflected in the above income statement. 3. On September 30, 2022, NGL purchased a $100,000 guaranteed investment certificate bearing 8% interest. The company intends to record the interest of $8,000 on September 30, 2023, its one-year anniversary date. 4. The dividend income of $35,200 consists of the following: Canadian Public corporations $15,40 Turner Inc.-an American corporation-net of a 10\% U.S. withholding tax 19,800 Not included in the above is a dividend received from Rare Products Ltd. of $30,000. NGL owns 50% of its voting shares and records the investment using the equity method of accounting. Rare earned business income of $240,000 in the current year. 5. During the year, NGL received 100 shares of Herford Ltd. (a public corporation) as a stock dividend. Herford increased its paid-up capital by $35 for each stock dividend share issued. NGL did not record the receipt of the stock dividend. 6. In January 2022, NGL purchased three hectares of land on Stoney Lake for $143,000. The land was then rezoned and subdivided into six building lots. The entire subdivision was immediately sold to a building contractor for $330,000. The payment terms called for no cash down, but payments of $55,000 are required as the contractor completes construction on each lot. By December 31 , 2022 , one payment of $55,000 had been received. 7. In 2021, NGL had purchased two rental properties as follows: Maximum capital cost allowance was claimed in 2021. In 2022, townhouse 1 was sold for $75,000 (land $25,000, building $50,000 ). On December 1, 2022, NGL purchased townhouse \#2 for $50,000 (land $11,000, building $39,000 ). Also, in 2022 , NGL constructed a sixplex rental unit for $437,000, as follows: Maximum capital cost allowance was claimed in 2021. In 2022 , townhouse 1 was sold for $75,000 (land $25,000, building $50,000 ). On December 1, 2022, NGL purchased townhouse \#2 for $50,000 (land $11,000, building $39,000 ). Also, in 2022, NGL constructed a sixplex rental unit for $437,000, as follows: All of the properties resulted in a net rental loss of $19,000 (as shown on the financial statement). The following items are included in the matlanr malailatian. Required: Determine NGL's net income for tax purposes for 2022. Also, prepare a breakdown of the net income for tax purposes showing the net income from property and any other sources of income. Assume all rental properties are residential properties. Determine NGL's net income for tax purposes for 2022. Also, prepare a breakdown of the net income for tax purposes showing the net income from property and any other sources of income. Assume all rental properties are residential properties