Thetford Inc. opened a large bakery operation on January 1, 2021. At this time, the company's taxation year-end is December 31. In addition to baking bread, the company was in charge of the wholesale distribution of its products and operated a large retail outlet on the bakery premises. The owners of the corporation had little experience in any aspect of baking or selling bread, and, as a consequence, during the first two taxation years, they experienced the below losses. Type of Loss 2021 2022 Non-Capital Losses $63,800 $78,000 Net Capital Losses 34,600 44,400 Davis Forest Ltd Information At the beginning of 2023, the owners did not see any real hope for improved results under their own management, and they began looking for new investors with more experience in the bakery industry. Their efforts met with success when, on April 1, 2023, Davis Forest Ltd. acquired 74% of the outstanding shares of Thetford Inc. Davis ForestDavis Forest is a large Canadian public company with a December 31 taxation year-end and many years of successful operation in the industry. It is the intent of the new owner to inject additional capital and management expertise with a view to making Thetford's operations profitable within two years. As this AOC will result in a deemed taxation year-end, Thetford prepared an income statement for the period January 1, 2023, to March 31, 2023. This three-month income statement showed an additional business loss of $23,500 for the period but no further c