Tracy Traveler was planning her dream vacation around the world and found herself needing an additional $30,000 to help pay for the trip. She went to her employer and asked for a loan to help cover the costs. Not only did her employer give her the two months off for her trip, but the gracious woman agreed to her the money at a rate 1%. The loan was granted February 28, 20x7 and will need to be repaid in full on February 28, 20x9. Tracy paid the interest owing for 20x7 on January 2, 20x8, and February 28, 20x9 she repaid the full loan along with the interest still owing at that time. Revenue Canada Prescribed Interest Rates: 20x7 Quarter 1 = 1% Quarter 2 = 1% Quarter 3 = 1.5% Quarter 4 = 1.5% 20x8 Quarter 1 = 1.5% Quarter 2 = 2% Quarter 3 = 1.5% Quarter 4 = 0.5% 20x9 Quarter 1 = 0.5% Quarter 2 = 1% Quarter 3 = 1% Quarter 4 = 1% Required: a) Calculate the minimum amount that Tracy will record as a taxable benefit relating to the loan in 20x7 and 20x8. b) Calculate the minimum amount that Tracy would record as a taxable benefit relating to the loan in 20x7 and 20x8 if the loan is for a home instead of for her trip. Tracy Traveler was planning her dream vacation around the world and found herself needing an additional $30,000 to help pay for the trip. She went to her employer and asked for a loan to help cover the costs. Not only did her employer give her the two months off for her trip, but the gracious woman agreed to her the money at a rate 1%. The loan was granted February 28, 20x7 and will need to be repaid in full on February 28, 20x9. Tracy paid the interest owing for 20x7 on January 2, 20x8, and February 28, 20x9 she repaid the full loan along with the interest still owing at that time. Revenue Canada Prescribed Interest Rates: 20x7 Quarter 1 = 1% Quarter 2 = 1% Quarter 3 = 1.5% Quarter 4 = 1.5% 20x8 Quarter 1 = 1.5% Quarter 2 = 2% Quarter 3 = 1.5% Quarter 4 = 0.5% 20x9 Quarter 1 = 0.5% Quarter 2 = 1% Quarter 3 = 1% Quarter 4 = 1% Required: a) Calculate the minimum amount that Tracy will record as a taxable benefit relating to the loan in 20x7 and 20x8. b) Calculate the minimum amount that Tracy would record as a taxable benefit relating to the loan in 20x7 and 20x8 if the loan is for a home instead of for her trip