Thank You! The fiscal year of Chen Ltd$.,$ a Canadian public company, ends on December $31.$ On January $1,2020,$ the UCC balances for the various classes of assets owned by the Company are as follows:The following additions were made this year: $1.$ On September $15,2020,$ a convertible is acquired at a cost of $\backslash (\backslash$$ $65000\backslash )$ for use by the Vice President of the Company as passenger vehicle. $2.$ Some new furniture was purchased at a cost of $\backslash (\backslash$$ $14000\backslash ).3.$ On May $1,2020,$ Chen Ltd$.$ pays $\backslash$$$120000$ to enter a franchise agreement. The life of the franchise is $15$ years. $4.$ On November $\backslash (3,2020,\backslash$$ $171000\backslash )$ of class $53$ manufacturing equipment was purchased. $5.$ On January $1,2020,\backslash$$$42000$ of leasehold improvements were made. $6.$ New computer hardware was purchased for $\backslash (\backslash$$ $18000\backslash ).$ The following disposals were made this year: $1.$ The photocopier in the separate class $8$ was disposed of for $\backslash (\backslash$$ $5500\backslash ).$ It was originally purchased for $\backslash (\backslash$$ $30,000\backslash ).2.$ Some old furniture was sold for proceeds of $\backslash (\backslash$$ $7000\backslash ).$ It was originally purchased for $\backslash (\backslash$$ $11000\backslash ).3.$ Some computer hardware was sold for $\backslash (\backslash$$ $7500\backslash ).$ It was originally purchased on sale for $\backslash (\backslash$$ $3200\backslash ).4.$ Some tools $($from class $12)$ were sold for proceeds of $\backslash (\backslash$$ $9000\backslash ).$ The original cost of these tools was $\backslash (\backslash$$ $12,000\backslash ).$Other notes $\backslash$& information: $1.$ The Company leases a building for $\backslash (\backslash$$ $15,000\backslash )$ per year that houses a portion of its manufacturing operations. The lease was two years. The company made $\backslash (\backslash$$ $84,000\backslash )$ of leasehold improvements immediately after signing the lease. No further improvements were made until the current year. $2.$ It is the policy of the Company to deduct maximum CCA in all years. Required: Calculate the maximum $2020$ CCA that can be taken on each class of assets, the January $1,2021$ UCC balance for each class, and any other $2020$ inclusions or deductions resulting from the information provided in the problem. Respond on the $"$P$4-$ Response" tab. Final answers should be filled in the yellow boxes on the "answer summary" and the "effect on net income summary" in the $"$P$4-$ Response" tab. You are required to show any additional work completed in the green space on the $"$P$4-$ Response" tab in the excel document.Effect on net income summary: $($Write zero beside any option where there is no effect. Enter deductions as a negative and income inclusions as a positive$)$ Total CCA taken Terminal loss Recapture Taxable capital gain Allowable capital loss Total Net income increase $($decrease$)$