Sabres Limited, a Canadian- controlled private corporation whose scal year end is December 31, provides you with the following data concerning its tax accounts and capital transactions for 2016. The balance in its capital dividend account was nil on January 1, 2017. Mr. Tsakiris. a Canadian resident, is the sole shareholder. Sabres Limited is considering winding up the corporation and wishes to determine the impact of the sale of all its capital assets on its tax surplus accounts. The following capital assets are recorded in the books of account: Proceeds sellin - costs -E_ m 70 000 45 000 125 000 6 000 35 000 -111- 8 000 16 000 -E_ 60 000 - (1) The balance in Class 14.1 reects the purchase of the customer lists in 2007 for $40,000 less the tax write-offs for 2007 to 2016 inclusive (2) In addition to the above assets, there is $35,000 of goodwill which will also be sold Customer Lists 40, 000 (Class 14.1) See Note 1 Notes Required: You have been asked to determine the effect on the capital dividend account balance immediately after the above transactions