Question A: Jimmy McGill (Taxpayer) Jimmy McGill is an experienced lawyer who has not incorporated his professional practice. He doesnt trust accountants as he was married to two of them (not at the same time). He operates his practice out of a building, which he purchased several years ago for $725,000. Of this total, it is estimated that $175,000 reflects the value of the land. It was a new building when he acquired it, his practice uses 100 percent of the building, and it was allocated to a separate Class 1. On January 1, 2020, the building has a UCC of $447,831. As his practice specializes in cases where lack of anger management has caused legal difficulties, he has had to replace his office furniture several times. The latest was during 2020, when the divorcing owners of a martial arts club could not come to a peaceful resolution to an asset split. A registered charity, Ex-Cons R Us, hauled his destroyed furniture away to be used for training purposes and as spare parts in their furniture repair shop. The old furniture had a capital cost of $53,000 and a January 1, 2020 UCC of $38,160. He acquires new furniture and fixtures at a cost of $78,000 on June 1, 2020. In January of 2018, Jimmy acquired a $92,000 Lexus that he uses largely for business purposes. He has concluded that, given the nature of his clientele, this car appears too luxurious. Based on this view, he trades it in on the purchase of a $28,000 Toyota on January 2, 2020. The January 1, 2020 UCC for the Lexus is $17,850. Because the vehicle had been badly damaged by an exiting client who lost their case, the tradein allowance that he receives is only $12,000. During 2020, the Toyota is driven 41,000 kilometers, only 3,000 of which were for personal use. The operating costs for the year were $6,150. Other asset acquisitions during 2020 are as follows: New Computer February 1, 2020 $ 1,250 Applications Software February 1, 2020 1,475 Other 2020 costs of operating his business, determined on an accrual basis, are as follows: Building Operating Costs $27,300 Payments to Assistants 46,100 Miscellaneous Office Costs 13,600 Meals with Clients 15,500 During 2020, the revenues of Jimmys practice total $297,800.

Required: Prepare a statement of income and CCA schedule for Jimmy to include with his 2020 personal income tax return. You are expected to organize your work in an excel spreadsheet and include any supporting notes, where applicable.