2 Styles 2 Ad Question 3 (20 Marks) Ms. Jill Jackson wanted to start a home-based business that would specialize in selling T-shirts. The business would be operated from her principal residence. She set aside 20% of the total floor space in the residence for the T-shirt operations. Ms. Jill Jackson's principal residence, costing $860,000 in total, was acquired on January 1, 2020. It is estimated that $260,000 of this total value can be attributed to the land value. Ms. Jill Jackson incurred the following 2020 costs relating to the principal residence: Utilities for the Home (Heat, Light & Water) $3,400 Mortgage Interest 14,000 House Insurance 4,500 Property Taxes 12,000 Repairs & Maintenance for the Home 9,100 Total House Costs $43,000 The business commenced operations on February 01, 2020. On that date, Ms. Jill Jackson purchased the following assets to be used in her new business: