TaxableCapitalemployedinCanada $325,000 RDTOHbalance $5,000Dividendsdeclaredandpaidin2017 nil GRIPbalance $11,750Noncapitallossbalancecarriedoverfrom2015$10,000CapitalDividendaccount $6,000SalesRevenue$600,000InterestonLongtermdebt 25,000InterestonForeignBankAccount(note1) 18,000 EligibledividendsfromTDCanadatrust 15,000NoneligibledividendsfromRockstarInc.(note2)50,000GainonSaleofShares(note3) 25,000TotalRevenue$733,000DetailsthatpertaintoSILat theendofDecember31,2018are asfollows: December31,2018. 2019of$2,000,000,totalrevenue of$500,000.Itstaxablecapitalwas$350,000attheendof RockstarInchasanactivebusinessofsellingpolishedstones. IthastotalassetsasofDecember31, end.Itsbusinessnumberis000000000RC0001. $1,200,000.RockstarInc.issituatedinthesamelocationas SIL.ItalsohasaDecember31,2019year SIListheshareholderof500commonsharesofRockstarInc.Thecommonshareshave abookvalueof netassetsof$300,000onDecember31,2019. SILisaretailerofstoneandrock,forconstructionprojects. Allofitssalesoccur withinCanada.Ithas personandalsothesigningofficer. contactedwithrespecttomattersconcerningthecompany'sbooksandrecords.Heistheauthorized MrSandrock,isthepresidentandsoledirectorofthecompany, andisthepersonwhoshouldbe SIN994994994. Thecompanyhas1000commonshares issuedandoutstanding,all ofwhichareheldbyRandySandrock, 1990inTorontoOntario. numberis499499499RC0001.Itsphonenumberis4167466000. ItwasincorporatedonFebruary25, Road,Toronto,ONM1M1J1.Its Ontariocorporationtaxaccountnumberis1234567,anditsbusiness SandrockIndustriesLtd(SIL)isaCanadiancontrolledprivate corporation,locatedat1040RockyShore IncomeTaxIIProfileAssignment IncomestatementfortheyearendedDecember31,2019isasfollows: (pertainingtoofacapitalgainreportedin2016) Totalcostofgoodssold $250,000 Amortizationexpense 120,000 Otheroperatingexpenses 150,000 Incometaxprovision 40,000Netincome$173,000Cashinthebank $100,000 Accountsreceivable $50,000NetCapitalassets $150,000 CurrentLiabilities $50,000Duetoshareholder $75,000Commonshares $1,000Retainedearnings $174,000BalanceSheetasatDecember31,2019isasfollows: $150,000onJune25,2013andwere soldforproceedsof$175,000. Note3:OnMarch25,2019,SILsold3,000sharesofTDCanadatrust.Thecommonshareshadcost $10,000 Note2:Asaresultofpayingthis$50,000dividendtoSIL,RockstarIncreceivedadividendrefundof Note1:Thisinterestisnet of$2,000intaxeswithheldinIreland. dividendallowable. designatedaseligible.OnSeptember15, 2019,SILelectedtopaythemaximumcapital 5. During2019,SILpaidtaxabledividendsof$90,000.Ofthese dividends,$25,000were wasanewofficesuitecosting$20,000. 4. Atruckthatcost$30,000wassoldfor$10,000duringtheyear. Theonlyfixedassetpurchase c. Class10$100,000 b. Class8$130,000 a. Class1$246,000 3. OpeningUCCbalancesincluded hasbeenincludedinamortizationexpense. treatedasacapitalasset,tobeamortizedusingthestraight linemethodover10years.This 2. Duringtheyear,SILincurred$20,000inlandscapingcosts.Foraccountingpurposesthesewere doubtful. e) Baddebtsexpenses-including $3000ofaccountsthataretruly bad,and$2,500whichare d) LifeinsuranceonthelifeofMrSandrock,$3,000 c) Mealsandentertainmentof$35,000 b) Penaltiesof$3,500fromCRAHSTlatepayments. a) CharitabledonationstoCanadian CancerSocietyintheamountof$5,000. 1. Otheroperatingexpensesincludethefollowing: Otherinformation: Youneedtoattheminimum,fill outschedule1,2,3,5,6,7,8and possiblyafewmore. Youshouldhaveenough informationtofill outtheGIFIschedule125,andschedule100. corporatesoftwareprogram. PreparethefederalcorporatetaxreturnforSILforthe2019taxationyear,usingtheProfileT2 REQUIRED: 31. 7. SILpaidquarterlyincometax instalmentsof$10,000eachonMarch31,June30Sept30andDec isallocatedtoSIL. 6. SILallocated$250,000oftheannualbusinesslimittoRockstar Inc.Theremainingbusinesslimit