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During the year, Mike received two cheques, one in the amount of C$20,000, the other...

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Accounting

During the year, Mike received two cheques, one in the amount of C$20,000, the other in theamount of C$8,500. The $20,000 cheque was a dividend from business income taxed at the low corporate rate of a Canadian-controlled private corporation. The $8,500 cheque was a dividend from a foreign corporation, net of the $1,500 of foreign tax withheld by the foreign country from the dividend payment. Which of the following amounts must Mike include in his generic income (post gross-up) for Canadian income tax purposes in respect of these two dividend cheques?
$28,500
$20,000
$30,000
$33,000

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