designment Problem Twelve 7 ssignment Problem Twelve -1 Net Income For Tax Purposes) axtor Inc is a Canadian public company that uses a December 31 taxation year. As a publi ust provided financial statements based on generally accepted accounting prin the year ending December 31, 2017, these financial statements show an pany it m om ciples. For accounting Net Income of $543,267. In order to mation is available. assist in preparing the Company's 2017 tax return, the following additional infor- The Company's financial statements disclosed interest on the Company's bonds of $12,460. This included discount amortization of $460. . The financial statements show a charge for amortization of $62,500. Maximum CCA on these assets, which the Company intends to deduct, would be $71,300. This does not include any CCA on Class 14.1 assets. During 2017, as part of a business combination transaction, the Company acquired good will of $189,000. The Company's accountant found that there was no impairment of this a. amount during 2017. During 2017, the Company sold temporary investments for $13,450. The adjusted cost base of these investments was $9,980 5.) During 2017, the Company donated a Class 10 depreciable asset to a registered charity. It received a charitable donations receipt for the $132,000 fair market value of the asset. The asset had a capital cost of $117,000 and a net book value in the accounting records of $105,300. The U?C balance in Class 10 was $94,670. Other assets remained in Class 10 At the beginning of 2017, the Company had a liability for estimated warranties of $6,240. During the year, warranty costs were incurred in the amount of $5,650 and, at the end of he year, the remaining warranty liability was estimated to be $4,890