PRACTICE PROBLEM 6.2: CDA The following transactions involve the Swingline Corporation's capital dividend account: In 1987, they sold a capital asset with an adjusted cost base of $98,000, for cash of $123,000, resulting in a $12,500 [(1/2)($25,000)) taxable capital gain. In 1996, they sold a capital asset with an adjusted cost base of $86,000, for cash of $98,000, resulting in a taxable capital gain of $9,000 [(3/4)($12,000)). During the year ending December 31, 2018, the company received a capital dividend of $8,200. On July 1, 2019, the company received tax-free life insurance proceeds of $25,000. On October 31, of the current year, the company paid an ITA 83(2) capital dividend of $16,000. The appropriate election was made. Required: Determine the balance in the Capital Dividend Account as at December 31 of the current year