Section III: Corporate Division B Income (22 points available) Goodman Inc. is a Canadian public corporation that sells baby products in Ontario. A condensed income statement for Maxwell Inc. for its scal year of 2021 shows the following: Goodman Inc. Fiscal 2021 Condensed Income Statement Sales $5,500,000 Cost of Sales (3,500,000! Gross Prot 2,000,000 Selling, General and Administration Expenses (614,000) Accounting gain on Sale of Fixed Assets 100,000 Income Before Income Taxes 1,486,000 Income Tax Expense (424,000! Net Income 1,062,000 The information in the following notes relates to the above income statement amounts: 1. Depreciation and amortization expense included in the selling, general and administration (SG&A) expenses was $250,000. 2. Some of the accounting gain on sale of xed assets (listed in the income statement) resulted from disposition of Class 8 assets with an original cost of $270,000 and proceeds of $210,000. Class 8 also had $320,000 of eligible property additions during the year. The UCC of Class 8 at the beginning of 2021 was $200,000, and CCA has not yet been determined; CCA om all other classes is calculated correctly as $150,000. 3. The rest of the accounting gain on sale of xed assets (listed in the income statement) resulted from disposition of a vacant land, which has an adjusted cost base of $80,000 at the beginning of 2021 and proceeds of $120,000 from the disposition. 4. Financing cost of $50,000 was incurred to renegotiate loan terms and was included in the SG&A expenses above. Political contributions of $3,000 and charitable donations of $7,000 were also included in SG&A. 5. Meals and entertainment expense of $6,000 was included in SG&A, of which $3,000 was spent on a company-wide picnic, the only event that was attended by all the employees in 202 1. Required: Calculate Goodman Inc.'s minimum Division B income. Show all relevant calculations and explain any amounts, if necessary. No need to list ITA references. Write your answers under the title of Section III on your Answer Booklet, you can use as much space as needed. Dec 19, 2020 received a 10% stock dividend with each share received having a paid- up capital value of $ 8 In January 2021, Mr. Ford has transferred some of these CCPC's shares to three of his family members, the fair market value of the shares at the time of transfer is $15 per share. The CCPC shares distribute cash dividend of $1 per share in 2021. All the transferred shares were sold by family members in the end of 2021 at $30 per share. (1) 100 shares to spouse (Mrs. Ford) at $10 per share, no election out (2) 100 shares to adult daughter (25 years old) at $10 per share (3) 100 shares to minor son (15 years old) as a gift Required: Please determine Mr. Ford's net income for tax purposes (Division B income) in 2021 as a result of the information. Show all relevant calculations and explain any amounts, if necessary. No need to list ITA references. Write your answers under the title of Section IV on your Answer Booklet, you can use as much space as needed