please this one is the second question i know the rule s that you will be answering one quiestion at a time please dont do it in excel on a paper please

#1) (12 Marks) See the Light Electrical Inc. has prepared the following financial statement for the year ending December 31, 2017. The company is a Canadian controlled private corporation that operates in Saskatchewan. See the Light Electrical Inc Income Statement For the Year ended December 31, 2017 Revenue: Sales Cost of Sales Gross Profit $2,100,000 1.300,000 $800,000 Expenses: Selling Expenses Salaries and wages $280,000 Travel 20,000 Entertainment of clients 24,000 Supplies 5,100 Advertising and Promotion 16,000 Administrative Expenses: Insurance 4,000 Interest and bank charges 3,700 Legal and accounting 5.400 Appraisal costs 1,600 Depreciation 19,000 Total Expenses 378,800 Operating income $421,200 Dividends received from taxable Canadian corporations 6,300 Interest on bank account 800 Accounting Gain on sale of capital asset 9,600 Profit before income taxes $437.900 Provision for income taxes 52,548 Net Income $385,352 The following additional Information has been provided 1. Salaries and wages include bonuses of $90,000 accrued at December 31, 2017 ($30,000 of the bonus accrual was for the President of the company, and the remaining $60,000 was for sales staff). The bonus accruals were based on a percentage of sales for the year and were paid on: July 20, 2018 2. Travel expense includes the following: Hotel accommodations $4,000 Meals while out of city $2,000 Airline tickets $14,000 #1) Continued 3. Advertising and promotion expense includes the following items: Donations to several registered charities $8,000 Golf club memberships for sales staff $4,800 Sponsorship of the local boy's baseball team $3,200 4. Insurance costs include coverage of the building and other assets of the company. In addition, Insurance Includes the annual premium on a life policy on the life of the President of the company $1,500 was paid by the corporation who is the sole beneficiary of the policy. 5. Interest and bank charges include: Interest expense on a bank loan for equipment Penalty for filing 2016 corporate tax return late Bank service charges Interest on deficient income tax installments Interest on line of credit $1,295 5925 $185 $740 5555 $810 $4,590 6. Legal and accounting expenses includes the following: Fees for appealing a federal Income tax assessment Fees for annual audit of the financial statements 7. Appraisal costs consist of the following: Determination of replacement cost of assets for insurance Determination of value for a building in anticipation of sale 8. The maximum capital cost allowance that may be claimed in 2017 ha been correctly calculation to be an amount of $17,000 9. The gain on sale of capital property resulted from the sale of vacant tand. The land had an ACB for tax purposes $19,000 and was sold for a total of 5960 5640 $33,000 #2) (1 Mark) Jasmine Inc. was incorporated in the U.S.four years ago. However, all of the directors of the corporation are Canadian residents, holding all of their meetings in Calgary, AB. How would Jasmine Inc be taxed? #1) (12 Marks) See the Light Electrical Inc. has prepared the following financial statement for the year ending December 31, 2017. The company is a Canadian controlled private corporation that operates in Saskatchewan. See the Light Electrical Inc Income Statement For the Year ended December 31, 2017 Revenue: Sales Cost of Sales Gross Profit $2,100,000 1.300,000 $800,000 Expenses: Selling Expenses Salaries and wages $280,000 Travel 20,000 Entertainment of clients 24,000 Supplies 5,100 Advertising and Promotion 16,000 Administrative Expenses: Insurance 4,000 Interest and bank charges 3,700 Legal and accounting 5.400 Appraisal costs 1,600 Depreciation 19,000 Total Expenses 378,800 Operating income $421,200 Dividends received from taxable Canadian corporations 6,300 Interest on bank account 800 Accounting Gain on sale of capital asset 9,600 Profit before income taxes $437.900 Provision for income taxes 52,548 Net Income $385,352 The following additional Information has been provided 1. Salaries and wages include bonuses of $90,000 accrued at December 31, 2017 ($30,000 of the bonus accrual was for the President of the company, and the remaining $60,000 was for sales staff). The bonus accruals were based on a percentage of sales for the year and were paid on: July 20, 2018 2. Travel expense includes the following: Hotel accommodations $4,000 Meals while out of city $2,000 Airline tickets $14,000 #1) Continued 3. Advertising and promotion expense includes the following items: Donations to several registered charities $8,000 Golf club memberships for sales staff $4,800 Sponsorship of the local boy's baseball team $3,200 4. Insurance costs include coverage of the building and other assets of the company. In addition, Insurance Includes the annual premium on a life policy on the life of the President of the company $1,500 was paid by the corporation who is the sole beneficiary of the policy. 5. Interest and bank charges include: Interest expense on a bank loan for equipment Penalty for filing 2016 corporate tax return late Bank service charges Interest on deficient income tax installments Interest on line of credit $1,295 5925 $185 $740 5555 $810 $4,590 6. Legal and accounting expenses includes the following: Fees for appealing a federal Income tax assessment Fees for annual audit of the financial statements 7. Appraisal costs consist of the following: Determination of replacement cost of assets for insurance Determination of value for a building in anticipation of sale 8. The maximum capital cost allowance that may be claimed in 2017 ha been correctly calculation to be an amount of $17,000 9. The gain on sale of capital property resulted from the sale of vacant tand. The land had an ACB for tax purposes $19,000 and was sold for a total of 5960 5640 $33,000 #2) (1 Mark) Jasmine Inc. was incorporated in the U.S.four years ago. However, all of the directors of the corporation are Canadian residents, holding all of their meetings in Calgary, AB. How would Jasmine Inc be taxed