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Question 1 (25 Marks) Frederic's Designs Ltd. is a Canadian controlled private corporation with its head office in Victoria, B.C. The company manufactures clothes and sells to Canada and the United States. Frederic's Designs Ltd. was incorporated in 2016 and has a sole shareholder, Frederic Vanguard. Frederic Vanguard, a fashion expert, also prepared the accounting and income tax records for Frederic's Designs Ltd. Frederic's Designs Ltd. Income Statement For The Year Ended December 31, 2019 Sales $ 25,000,000 Cost of Goods Sold (8,500,000) Gross Profit 16,500,000 Expenses; General & Administration (12,000,000) Amortization (750,000) Interest (900,000) (13,650,000) Operating Income 2,850,000 Gain on Disposition of Tangible Assets 145,000 Interest income 440,000 Income before Income Taxes 3,435,000 Income Taxes (1,250,000) Net Income $ 2,185,000 1. General & Administrative Expense included the following: Donations to Registered Charities $ 50,000 Donations to Registered Federal Political Parties 40,000 Accrued Bonuses - Accrued November 01, 2019, paid on August 31, 2020 75,000 Meals & Entertainment Costs included the following amounts: $ 1,500 monthly membership fees at a golf club for Frederic Vanguard 18,000 $ 1,300 monthly membership fees at a tennis club for sales staff 15,600 Meals for entertaining clients 80,000 Food costs for Frederic Vanguard's personal chef at Frederic's home 23,000 Annual Christmas party 65,000 Sponsorship of local community baseball team 18,000 Advertising in a U.S. magazine directed at U.S. clients 30,000 Computer Items acquired on August 15, 2019 90,000 $ 30,000 for software and $ 60,000 for hardware) Annual Paris convention costs 45,000 Legal fees for amending articles of incorporation 28,000 Legal fees relating to an income tax reassessment 5,500 Legal fees relating to a lawsuit 8,800 Damages (Note 2) 37,000 Property Tax (Note 3) 3,500 Landscaping Costs (Note 4) 44,000 Employee Benefits (Note 5) 12,000 Loss on Sale of BMW (note 6) 50,000 Total $ 738,400 2. Frederic's Designs Ltd. had to pay damages of $ 37,000 for failure to perform a service contract. Frederic's Designs Ltd. paid the amount when the client threatened to sue re breach of contract. Frederic's Designs Ltd. expensed the $ 37,000 amount in 2019 and charged that amount to Rent Expense. 3. Frederic's Designs Ltd.'s Property Tax Expense included an amount of $ 3,500 that was paid to a municipality in which Frederic's Designs Ltd. maintains a fishing lodge for its employees.4. Frederic's Designs Ltd.'s Office Expense included $ 44,000 costs re landscaping for its administration building. These costs, incurred in December 2019, were paid in January 2020. 5. Frederic's Designs Ltd.'s Employee Benefits Expense included a $ 12,000 loss resulting from a theft by one of its clerical employees. 6. Frederic's Designs Ltd. purchased a $ 250,000 Lexus for Frederic Vanguard's personal use. The Lexus replaced the only other existing company car, a $ 150,000 BMW, which was purchased in 2017. The BMW, which was sold for $ 100,000, was used solely by Frederic Vanguard. The BMW was never amortized by Frederic's Designs Ltd. Frederic's Designs Ltd. reported the above transactions as follows: Lexus 250,000 Cash 250,000 Cash 100,000 Loss on Sale of BMW 50,000 BMW 150,000 7. Included in Interest Expense were the following amounts: Interest & penalty for late and insufficient instalments to CRA $ 16,000 Interest on late payment re municipal property taxes 6,500 Interest Expense - Operations 877,500 Total $ 900,000 8. The $ 145,000 Gain on Disposition of Tangible Assets consisted of the following: Cash 150,000 Accumulated Amortization, Equipment 250,000 Gain On Disposition of Tangible Assets 145,000 Equipment 255,000 9. Frederic's Designs Ltd. purchased shares in 2018 for a cost of $ 30,000; in 2019, Frederic's Designs Ltd. sold those shares for $ 150,000. The capital gain on these shares was $ 120,000 and Frederic Vanguard credited the capital gain to retained earnings. Required: Determine Frederic's Designs Ltd.'s minimum net income for tax purposes for the year ended December 31, 2019, excluding CCA deduction. Ignore GST/PST/HST implications