A Canadian private corporation incurred the following transactions in previous years: In 1998, sold a capital

Question:

A Canadian private incurred the following transactions in previous years:
• In 1998, sold a capital asset that resulted in a capital gain of $12,000.
• In 2005, sold a capital asset that resulted in a capital loss of $4,000.
• In 2006, paid a capital of $1,000.
• In 2008, eligible capital property was purchased for $20,000. A CECA deduction of
$1,050 was claimed on the corporate tax return.
• In 2009, the eligible capital property was sold for $28,000.
• In 2011, received life insurance proceeds of $50,000. The policy had an adjusted cost base of $10,000.
In the current year, a capital of $15,000 was received.
Determine the current balance in the capital account based on the above information. Income tax reference: ITA 89(1).
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