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PROBLEM 1(10 marks) Selocted intormation inm. ADDITIONAL INFORMATION: Bhojani Limited received $5,000 in interest from...

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Accounting

PROBLEM 1(10 marks) Selocted intormation inm. ADDITIONAL INFORMATION: Bhojani Limited received $5,000 in interest from foreign corporations was subject to withholding tax of $1,250.(2)98% of Bhojani Limited's taxable income is earned in Canada. (3) The opening UCC balance of Class 1(separate class -6\%) was $540,450. The opening UCC balance of the Class 8 assets (equipment -20\%) was $82,300. Due to a modemation plan, the company disposed of all of its Class 8 assets for proceeds $102,000. The net book value of these assets was $94,000 and the capital cost of the assets was $99,000. Bhojani Limited acquired another building for $65,000 and placed it in a separate Class 1(4% CCA rate). Req: coliculate Net Income for tar purposes
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