Microsoft Word - Final Assignment

This is my accounting homework, I need help on these questions

Homework: Question 1 Jone made a permanent move to Canada on 8/31/16, from Korea, where he owned the following (in Canadian Dollars): Asset ACB 1/1/16 FMV 6/30/16 FMV 8/31/16 FMV 12/31/16 FMV Dwelling $185,000 $210,000 $205,000 $204,000 $208,000 $125,000 $126,000 $120,000 $110,000 Shares in Korean $122,000 Co.' * The shares provide monthly dividends of $450, net of Korean Taxes of $50. For the period 9/1/16 to 12/31/16, Jone earned Net Salary of $21,630 after deduction of $1,485 for CPP, $585 for EI and $6,300 for Taxes. He also earned $98 in interest on cash in Canadian bank accounts. Assuming Jone continued to own the Korean assets as of 12/31/16, calculate his Canadian federal taxes payable / refundable for 2016. Question 2 How would the answer to '1' above change if Jone disposed the Korean assets on 12/31/16 at FMV? Question 3 How would the answer to '2' above change if the FMV of dwelling was $12,000 higher, i.e. $220,000, instead of $208,000? Question 4 Mr. Mike decided to wind-up his Company on 12/31/16. After selling all assets and settling all liabilities, there's $122,000 of Cash left in the Company. Mr. Mike owns all the shares of the Company with ACB of $7,000. He has come to you for advice and provided the following balances: PUC CSOH CDA GRIP $1,000 $5,000 $48,000 $24,000 Assuming Mr. Mike has no other income, calculate his Federal taxes payable / refundable for 2016, based on above. Question 5 How would the answer to '4' above change if the ACB of shares for Mr. Mike was $2,000, rather than $7,000? Question 6 How would the answer to '4' above change if the CSOH balance was $nil, not $5,000