Question The income statement has been prepared by Daisy Ltd's accountant for the current year ending December 31, 2023 is as follow: Sales 8,000,000 Cost of goods sold 3,500,000 Gross Profit 4,500,000 Operating Expenses General and administrative expense (Note 1) (142,000) Meal and Entertainment(Note 2) (31,000) Interest expense (Note 3) (1,650) Repairs and Maintenance (62,000) Amortization expense (Note 4) (150,000) (386,650) Operating Income Other Income and expense: 4,113,350 Interest Income Insurance expense (Note 5) 110,530 (3,200) Landscaping expense (Noet 6) Loss on disposal of limited life licence Leasehold Improvement Income before income tax expense (20,000) (17,000) (45,000) 4,138,680 Income tax expense (170,000) 3,968,680 Net Income Notes: 1. General and administrative expense include: Donations to registered charities 27,000 Accrued bonus 50,000 (Accrued September, 2023, paid January 15, 2024) Payroll Expenses 60,000 Accounting and legal fees for amendments to articles of incorporation 5,000 2. Meals and entertainment expenses: Memberships at golf club for salespeople 6,000 Meals while enteretaining clients 18,500 Annual summer BBQ for all staffs 6,000 Christmas party for all staff (accommodation $1,200 and meals $9,000) 10,200 3. Interest expese paid to CRA due to late payment of tax owing 1,500 Interest expense paid to Bell Canada due to late payment of January's bill 150 Daisy Ltd. follows a policy to claim the maximum CCA on all depreciable properties. The UCC balances as of January 1, 2023, are as follows: Class 8 1,250 4. 5. 6. Daisy Ltd. follows a policy to claim the maximum CCA on all depreciable properties. The UCC balances as of January 1, 2023, are as follows: Class 8 1,250 14,000 68,000 13,090 e. Class 13 Class 14 Class 10.1 In 2023, a limited life licence to produce and sell costumes based on a popular theme a. park was sold for $63,000. The original cost of this licence was $95,000 and its carrying value at the time of sale was $80,000. The licence was the only property in class 14 Daisy Ltd purchases land and constructed a new office building on it during the year. An b. election was made to include the building in a separate class 1. The cost of the land was $350,000, and the building cost $475,000 to construct. C. d. New furniture for the reception area was acquired during the year for $1,200. Additionally, some outdated desks previously used by the finance department, with a cost of $8,000, were sold for $3,500. The net book value is also $3,500; consequently, no gains or losses are recorded in the accounting records. The company purchased a fuel car worth $50,000 for one of the salespersons to use for employment purposes. The company leases a building for $27,000 per year that houses a portion of its manufacturing operations. The lease was negotiated on January 1, 2020, and has an original lease term of five years. There are two renewal options on the lease, each for two years. The company made $28,000 of leasehold improvements in 2020 immediately after signing the lease. No further leasehold improvements were made until the current year (2023). Includes the annual insurance premiums amount to $200 for Daisy's life insurance plan and $3,000 for the business plan, aimed at safeguarding the business properties. The company expensed $20,000 for landscaping its main office building instead of capitalizing it due to its relatively low cost, as decided by the finance director. Requirement: PART I: (19 points) Using an Excel workbook to prepare the Capital Cost Allowance (CCA) schedule and the UCC (Undepreciated Capital Cost) balance for Daisy Ltd,. PART II: (23 points) Using an Excel workbook preapre a reconciliation schedule for Daisy Ltd. Calculate the minimum net income for the 2023 taxation year for Daisy Ltd,. Provide a brief description of the items that are not included in your calculation Requirement: PART I: (19 points) Using an Excel workbook to prepare the Capital Cost Allowance (CCA) schedule and the UCC (Undepreciated Capital Cost) balance for Daisy Ltd,. PART II: (23 points) Using an Excel workbook preapre a reconciliation schedule for Daisy Ltd. Calculate the minimum net income for the 2023 taxation year for Daisy Ltd,. Provide a brief description of the items that are not included in your calculation.