Item1\ 1\ points\ eBookPrintCheck my workCheck My Work button is now enabled1Item 1\ MCQ 04-11 In the previous year, an employee received...\ In the previous year, an employee received a $30,000 loan to acquire a house at a 2% interest rate. Canada Revenue Agency's (CRA's) prescribed interest rate at the time the loan was made was 3%. In the current year CRAs prescribed rate was 4%. The employee's tax rate is 40%. What would be the taxable benefit and the tax paid by the employee in the current year on the loan?\ \ Multiple Choice\ \ $900 and $600\ \ \ $600 and $240\ \ \ $300 and $120\ \ \ $900 and $360