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ABC Inc. has just completed its 2021 taxation year ending December 31, 2021. Using ASPE, the accountant has determined that the Company has experienced a business loss of $120,000 before income taxes. The accountant provides the following information that was used in the determination of the net accounting loss:

1. At the end of 2020, the Company had a separate Class 1 UCC balance of $2,814,000 for a factory that they own. This building is eligible for the enhanced Class 1 rate of 10% for Manufacturing and Processing Buildings. The original capital cost of the building was $4,749,000. There are no substantial changes to the factory building during 2021.

2. The Company's expenses include donations to registered charities of $4,600

3. As the Company changed property and casualty insurers during the year, all of its assets had to be appraised. The cost of this appraisal was $1,310, with the entire amount being expensed in the year.

4. The Company has a balance in Class 13 that relates to a single lease that commenced on January 1, 2020. The lease term is 2 year(s) with no renewal options specified. Expenditures on this leasehold were $12,700 in 2020. There have not been any further expenditures. The write-off of these expenditures for accounting purposes is included in the Amortization Expense.

5. The Company has a Class 10.1 UCC balance of $18,200 at the beginning of the year. This balance relates to a passenger vehicle that was purchased for an executive several years ago at a price of $39,000. The vehicle was sold during the year for $12,800. Ignore any accounting loss that would result from this transaction.

6. The Company expensed $9,000 for country club memberships for their top executives.

7. Future Income Tax Expense in the amount of $3,000 was deducted to arrive at Net Loss for Accounting Purposes.

8. The Company's expenses included a total amount of $10,300 for business meals and entertainment.

9. The Company was forced to pay damages in the amount of $12,400 for failure to perform a service contract. The amount was paid when the client threatened to bring an action for breach of contract. The $12,400 was expensed in the current year.

10. The company spent $7,400 on advertising in a foreign magazine. The ads were targeting Canadian customers in an ethnic neighborhood where the foreign magazine is very popular.

11. During 2021, the Company acquired a competing business at a price that included goodwill of $41,600. For accounting purposes, there has been no impairment or write-down of the goodwill since its purchase. The Company does not own any other intangible property.

12. The Company has a Class 8 balance of $10,700 at the beginning of 2021 relating to their office furniture. The Company disposed of all remaining assets in Class 8 during the renovation of the office building. The capital cost of these assets was $19,700 and the proceeds of disposition amounted to $3,700. The company has chosen to lease office furniture going forward so no additional Class 8 assets were purchased in the year. Ignore any accounting loss that would have resulted from this transaction.

13. The company deducted Bad Debt Expense in the amount of $6,300 on their Income Statement. This amount was the total of actual bad debt write-offs for the year. They did not set up an Allowance for Doubtful Accounts for accounting purposes. For tax purposes, the Company deducted a reserve of $4,000 for the taxation year ending December 31, 2020. A reasonable estimate of doubtful debts for the year ending December 31, 2021, is $6,100.

14. The Company has a separate Class 1 balance of $1,809,000 at the end of 2020. This balance relates to a single office building that was purchased in a prior year for $3,131,000. During the year, the company renovated the building at a cost of $86,000. This building is eligible for the enhanced Class 1 rate of 6%.

15. The Company expensed $197,400 in Depreciation and Amortization during the year.

16. The company spent $10,800 on advertising on a US TV station. The ad was meant to attract American customers to use ABC's online offerings.

17. The Company's expenses include costs of new landscaping at their administration building in the amount of $9,700 all of which was paid in the year. For accounting purposes, this was treated as an asset and was amortized accordingly.