Based on the image information: Question $1.$Using an Excel workbook to prepare the Capital Cost Allowance $($CCA$)$ schedule and the UCC $($Undepreciated Capital Cost$)$ balance for Daisy Ltd$,$ Using an Excel workbook preapre a reconciliation schedule for Daisy Ltd$.$ Calculate the minimum net income for the $2023$ taxation year for Daisy Ltd$,.$ Provide a brief description of the items that are not included in your calculation.Question

The income statement has been prepared by Daisy Ltd$\text{'}$s accountant for the current year ending

December $31,2023$ is as follow:

Notes:

General and administrative expense include:

Donations to registered charities

Accrued bonus

$($Accrued September, $2023,$ paid January $15,2024)$

Payroll Expenses

Accounting and legal fees for amendments to articles of incorporation

Interest expese paid to CRA due to late payment of tax owing

Interest expense paid to Bell Canada due to late payment of January's bill

Daisy Ltd$.$ follows a policy to claim the maximum CCA on all depreciable properties. The UCC

balances as of January $1,2023,$ are as follows:

In $2023,$ a limited life licence to produce and sell costumes based on a popular theme park

a$.$ was sold for $$63,000.$ The original cost of this licence was $$95,000$ and its carrying value at

the time of sale was $$80,000.$ The licence was the only property in class $14$

Daisy Ltd purchases land and constructed a new office building on it during the year. An

b$.$ election was made to include the building in a separate class $1.$ The cost of the land was

$$350,000,$ and the building cost $$475,000$ to construct.

New furniture for the reception area was acquired during the year for $$1,200.$ Additionally,

c$.$

some outdated desks previously used by the finance department, with a cost of $$8,000,$

were sold for $$3,500.$ The net book value is also $$3,500$; consequently, no gains or losses

are recorded in the accounting records.

d$.$

The company purchased a fuel car worth $$50,000$ for one of the salespersons to use for

employment purposes.

The company leases a building for $$27,000$ per year that houses a portion of its

manufacturing operations. The lease was negotiated on January $1,2020,$ and has an original

e$.$ lease term of five years. There are two renewal options on the lease, each for two years.

The company made $$28,000$ of leasehold improvements in $2020$ immediately after signing

the lease. No further leasehold improvements were made until the current year $(2023).$

Includes the annual insurance premiums amount to $$200$ for Daisy's life insurance plan and

$$3,000$ for the business plan, aimed at safeguarding the business properties.

The company expensed $$20,000$ for landscaping its main office building instead of capitalizing it

due to its relatively low cost, as decided by the finance director.

Requirement:

PART I : $(19$ points$)$

Using an Excel workbook to prepare the Capital Cost Allowance $($CCA$)$ schedule and the UCC

$($Undepreciated Capital Cost$)$ balance for Daisy Ltd$,.$

PART II: $(23$ points$)$

Using an Excel workbook preapre a reconciliation schedule for Daisy Ltd$.$ Calculate the

minimum net income for the $2023$ taxation year for Daisy Ltd$,.$ Provide a brief description of the

items that are not included in your calculation.