This is extremely urgent Canadian tax accounting question, deadline is in 2 hours. Please let me know ASAP if you are able to do it.

Part A focuses on the determination of income for tax purposes for Islanders Incorporated. Part A (35 marks) You have been assigned the task of completing the reconciliation between accounting income and net income for tax purposes for Islanders Incorporated (IC), a manufacturer with a December 31 year end and a client of the accounting firm you work for. Your manager has provided you with the draft income statement for the December 31, 2015 year, which is found in Exhibit 1. The following is relevant information about IC's capital assets, depreciation rates as well as additions and disposals during 2015: On January 1, 2015, the undepreciated capital cost (UCC) for each class of assets was as follows: o o o o o 1/ Class 1 building: $220,000 Class 8 office furniture and equipment: $60,000 Class 10.1 president's car: $12,495 Class 12 small tools: $5,000 Class 13 leasehold improvements: $195,000 The building, which cost $250,000 in 1997, was sold for $195,000 during 2015. This building was on leased land. It was the only building in Class 1 at the time of its sale. The sale of this building resulted in a loss on disposal, which is included in \"Other income and expenses\" on the income statement of $35,900. Subsequent to the sale of this building, land was purchased for $200,000 and a new building was constructed in 2015 for a cost of $1,250,000, which is used 80% for manufacturing and 20% for office space. New office furniture was purchased for $20,000 on September 30. This purchase replaced old assets, which were sold for $5,000. All of this old furniture was sold at a price less than its original cost. Some small tools were sold for a total of $7,000. All of these tools were sold at a price less than their original cost. The opening balance in Class 13 represents leasehold improvements made during 2013 of $240,000 to a leased warehouse. During 2015, further leasehold improvements were made to the same leased warehouse at a cost of $24,000. The lease was signed in 2013 for a term of five years with two successive three-year renewal terms. A trademark with a life of seven years was acquired on March 16, 2015, for $80,000. The company purchased two vehicles during 2015. One of the vehicles was a replacement for the Class 10.1 vehicle driven by the president. The old vehicle was sold for $20,000. The replacement vehicle cost was $52,000. A second vehicle was purchased for use by office staff at a cost of $23,000. In 2013, IC purchased an existing business for $60,000. The entire price was allocated to goodwill. In 2015 the business was sold, and the portion of the total proceeds allocated to goodwill was $70,000. The company purchased a customer list in 2015 and the price was $100,000. You have reviewed the income statement (Exhibit 1) and the year-end file, and met with the accountant for IC. You have determined that the following information has been recorded in the financial statements, and may need to be adjusted for in your reconciliation. Exhibit 1: Draft income statement Islanders Incorporate d Income statement For the year ended December 31, 2015 Sales Cost of sales Gross profit General and administrative expenses (Notes 1-5) Selling expenses (Note 6) Income from operations Other income and expenses (includes losses on disposal of assets) Net income before income taxes Provision for income tax Net income $ 14,784,000 (11,985,900) 2,798,100 (1,237,400) (931,100) 629,600 16,000 613,600 (152,000) $ 461,600 Notes: 1. Insurance expense includes the following amounts. These expenses were for insurance on the buildings and equipment owned by the company and business liability insurance: 2/ a) For collateral on a bank loan, the company paid $3,500 in premiums for a $200,000 insurance policy on the life of the president. Depreciation and amortization Interest on late payment of income taxes Severance payments to four managers to be paid three months after year end Loss from theft by accounting clerk Donations to registered charities $ 176,000 900 245,000 4,500 5,000 b) $44,000 in group term life insurance premiums were paid for employees and are included in salaries and benefits. 2. Professional fees for the year include the following expenses: Cost incurred to defend the company against a wrongful dismissal charge $ 59,600 Routine legal and accounting fees 5,000 Legal fee for drafting the will of the president 6,500 3. General and administrative expenses include landscaping costs around the new building of $39,500. 4. A review of the other expense accounts included in general and administrative expenses showed the following: 3/ 5) In early November of 2014, the company announced a bonus of $250,000. This bonus was accrued during the 2014 fiscal year. Due to financial constraints at the time, the bonus was not paid until December 2015. 6) The following information was taken from the various selling expense accounts: Cost of sponsoring presentations at a local theatre company Hockey game tickets given to customer Meals and entertainment costs of sales people Staff Christmas party and staff summer barbeque Cost of sponsoring the local little league team Membership fees for sales people for local golf courses Meals purchased for clients at golf courses 15,000 8,000 109,500 43,800 5,000 12,700 32,000 Required: 1. Determine the maximum CCA deduction for the year. Show opening and ending UCC as well as any additions and disposals, CCA, terminal losses, recapture and capital gains that result from the information provided. Ignore GST/HST. (16.5 marks) 2. Prepare a schedule for CEC for 2013 to 2015. Determine the maximum cumulative eligible capital deduction for 2015. (3.5 marks) 3. Prepare a reconciliation of accounting income to net income for tax purposes. Provide explanations for omitted items. What should happen to the 2014 tax return regarding the bonus amount? (15 marks) 4/