Question 1 (6.5 marks) Alberto Vargas had three rental properties in Vancouver at the start of 2020. During 2020, Alberto sold one rental property and purchased another. The details on Alberto's properties are as follows: Property 1 $500,500 NA $335,000 Property 2 $735,000 N/A $624,000 Property 3 $415,000 $650,000 $365,000 Property 4 $775,000 N/A Cost Sale proceeds Opening undepreciated capital cost Rental income Property expenses $ 24,000 ($ 13,500) $ 36,000 ($ 28,000) $ 18,000 ($ 20,000) $ 7,000 ($ 4,000) Each rental property is in its own Class 1 pool for capital cost allowance purposes. Required: Calculate Alberto's minimum net income for tax purposes for 2020 from his rental activities. (6.5 marks) Question 1 (6.5 marks) Alberto Vargas had three rental properties in Vancouver at the start of 2020. During 2020, Alberto sold one rental property and purchased another. The details on Alberto's properties are as follows: Property 1 $500,500 NA $335,000 Property 2 $735,000 N/A $624,000 Property 3 $415,000 $650,000 $365,000 Property 4 $775,000 N/A Cost Sale proceeds Opening undepreciated capital cost Rental income Property expenses $ 24,000 ($ 13,500) $ 36,000 ($ 28,000) $ 18,000 ($ 20,000) $ 7,000 ($ 4,000) Each rental property is in its own Class 1 pool for capital cost allowance purposes. Required: Calculate Alberto's minimum net income for tax purposes for 2020 from his rental activities. (6.5 marks)