Your cent H Handat Canadian-control prate corporation, has pompared its own financial statements for the year and comber 31, 2012 The financial statements am not rossarty narromance with generally acepled accounting principles H Honda Ltd Balance Sheet December 31 2000 Assets Cual $ 75401 Piccounts receivable 121,520 Inventory 26810 733 731 Captalanes net of amortization 1003 200 Development costs 170.750 Goodwil 120000 Llabilities Accounts payable $ 229,080 Long term debat 994 295 1.05.25 Shahide' Foudity Share capital 10. COC Cunud surplus 1.200.000 Retaned earrings 1899.256 2012 $3.995 831 H Honda Ltd Statement of nume and Retained Earnings For the Year Ended December 21, 2020 Sains $1130 Cest of sales Opening very $207, 120 Material costs 716,690 Wages 219, 221 Amerization 165.000 Rent 55,000 Overhead 32.300 Closing inventory 143421 Grosa pront 560.223 Experts Administrative salaries and benefits 86,320 Attestang 225 Amortation of capital 2080 Automotive expertes 7.390 Bad debris 8.514 Chartable dorahons 600 Intenta perso on bulding loan 23 833 on cui 15,509 Loss on sale of computer 17.500 Management bonuses 134 Meals and entertainment 7 815 Olce expense 8,32 Professional fees 2020 Sales commissions and benetts 3572 Income before income tanes 224477 Income 51.000 Net income for the year 172,877 Recand caring: begining at your 1414141 Retained earnings end of year 51.500 200 The following information was provided by Jon's Auto Parts Ltd.'s accountant who prepared the financial statements 1. Accounts receivable - The company provides an allowance for voutiful accounts for accounting purposes, based on tietovical experience, equal to 4% of gross receivables AB allowance NA Tamar 21 2019 51719 5 4200 $11: December 31, 2020 137,000 5.480 131.520 -2292 The actual doubtful accounts, based on a revew of the aged listing, were $2.200 and $8,300 at December 31, 2019 and 2020, respectively 2. Inventory - The rventory is valued at cost which is cetermined on a direct cost bass. Une particular tre ot parts which is included in invertory has a mariset value ornitut is recorded on the bonis at S36,000. The wine down has not been modne the total cost of us story is less than the total market value 2. Capital assets, net of amortization - December 31, 2020 Der ember 31, 2012 Acourile Acorded Car Amortizzlin NRV Cost Autization NAN Land $ 300 000 SS400,000 $ $$ Huilding under construction 300.000 800,000 Manufacturing equipment 1.626,080 857,000 B80.000 1,370 000 882.000 878,000 Computer erum 33.000 17.30 15 540 33 000 16.000 17 000 Oomputer hardware 110,000 16.500 94,500 70.000 20,000 12000 Computer sottware 12.00 5 or: fi 0001 12 000 3.000 9000 52.720.00 SASE 860 31 883 200 $1485.000 3732.000 $746,000 The concerne began the construction of a building to lose het metufa. Upes in Sevlene 2020. The building has all time comedien dae of May 2021 The company replaced ils computer hardware in 2020. The old equirt wees depreciated to a nel buuk value of $12000 and its cisposition resuled in a loss of $17.500. The old computer hardware wex included in Class 10 tor CCA purposes The company purchased a piece of manutachurg couiment along the year to-S1!... 70 There were no other annonser dichas cantalet ung the yer The closing UCXOS December 31 717 were Class 8 S 25000 Class 10 26.000 Class 12 410.000 4. Purchases - During the year the company bought $22.00 worth of new furniture for the office 6. Goodwill - The company had a valuation completed by an independent valuator early this year. The valabon derbite that the company has gaadwil of S1 200 000 The company recorded the good in ander to enhance sinancial pon at the company pornalists 6. Accounts payable - Accounts payabler December 31, 2020 incudes bon.ses payable to employees related to the company of $25,000 and bonuses payable to employees relred to the commary of $35.oon The borses were considered ressor cleard were paid on June 30, 2021 belure te 2020 tox retums were lied. Required: Determine the minimum Division Income for tax purposes of Jon's Auto Parts Ltd. for the year ended December 21, 2020, and please show all detall calculation for CCA. (30 Morks) Your cent H Handat Canadian-control prate corporation, has pompared its own financial statements for the year and comber 31, 2012 The financial statements am not rossarty narromance with generally acepled accounting principles H Honda Ltd Balance Sheet December 31 2000 Assets Cual $ 75401 Piccounts receivable 121,520 Inventory 26810 733 731 Captalanes net of amortization 1003 200 Development costs 170.750 Goodwil 120000 Llabilities Accounts payable $ 229,080 Long term debat 994 295 1.05.25 Shahide' Foudity Share capital 10. COC Cunud surplus 1.200.000 Retaned earrings 1899.256 2012 $3.995 831 H Honda Ltd Statement of nume and Retained Earnings For the Year Ended December 21, 2020 Sains $1130 Cest of sales Opening very $207, 120 Material costs 716,690 Wages 219, 221 Amerization 165.000 Rent 55,000 Overhead 32.300 Closing inventory 143421 Grosa pront 560.223 Experts Administrative salaries and benefits 86,320 Attestang 225 Amortation of capital 2080 Automotive expertes 7.390 Bad debris 8.514 Chartable dorahons 600 Intenta perso on bulding loan 23 833 on cui 15,509 Loss on sale of computer 17.500 Management bonuses 134 Meals and entertainment 7 815 Olce expense 8,32 Professional fees 2020 Sales commissions and benetts 3572 Income before income tanes 224477 Income 51.000 Net income for the year 172,877 Recand caring: begining at your 1414141 Retained earnings end of year 51.500 200 The following information was provided by Jon's Auto Parts Ltd.'s accountant who prepared the financial statements 1. Accounts receivable - The company provides an allowance for voutiful accounts for accounting purposes, based on tietovical experience, equal to 4% of gross receivables AB allowance NA Tamar 21 2019 51719 5 4200 $11: December 31, 2020 137,000 5.480 131.520 -2292 The actual doubtful accounts, based on a revew of the aged listing, were $2.200 and $8,300 at December 31, 2019 and 2020, respectively 2. Inventory - The rventory is valued at cost which is cetermined on a direct cost bass. Une particular tre ot parts which is included in invertory has a mariset value ornitut is recorded on the bonis at S36,000. The wine down has not been modne the total cost of us story is less than the total market value 2. Capital assets, net of amortization - December 31, 2020 Der ember 31, 2012 Acourile Acorded Car Amortizzlin NRV Cost Autization NAN Land $ 300 000 SS400,000 $ $$ Huilding under construction 300.000 800,000 Manufacturing equipment 1.626,080 857,000 B80.000 1,370 000 882.000 878,000 Computer erum 33.000 17.30 15 540 33 000 16.000 17 000 Oomputer hardware 110,000 16.500 94,500 70.000 20,000 12000 Computer sottware 12.00 5 or: fi 0001 12 000 3.000 9000 52.720.00 SASE 860 31 883 200 $1485.000 3732.000 $746,000 The concerne began the construction of a building to lose het metufa. Upes in Sevlene 2020. The building has all time comedien dae of May 2021 The company replaced ils computer hardware in 2020. The old equirt wees depreciated to a nel buuk value of $12000 and its cisposition resuled in a loss of $17.500. The old computer hardware wex included in Class 10 tor CCA purposes The company purchased a piece of manutachurg couiment along the year to-S1!... 70 There were no other annonser dichas cantalet ung the yer The closing UCXOS December 31 717 were Class 8 S 25000 Class 10 26.000 Class 12 410.000 4. Purchases - During the year the company bought $22.00 worth of new furniture for the office 6. Goodwill - The company had a valuation completed by an independent valuator early this year. The valabon derbite that the company has gaadwil of S1 200 000 The company recorded the good in ander to enhance sinancial pon at the company pornalists 6. Accounts payable - Accounts payabler December 31, 2020 incudes bon.ses payable to employees related to the company of $25,000 and bonuses payable to employees relred to the commary of $35.oon The borses were considered ressor cleard were paid on June 30, 2021 belure te 2020 tox retums were lied. Required: Determine the minimum Division Income for tax purposes of Jon's Auto Parts Ltd. for the year ended December 21, 2020, and please show all detall calculation for CCA. (30 Morks)