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

Acerued bonus

$[$Accrued September, $2023,$ paid January $15,2024]$

Payroll Expenses

Accounting and legal fees for amendments to articles of incorporation

Meals and entertainment expenses:

Memberships at golf club for salespeople

Meals while enteretaining clients

Annual summer BBQ for all staffs

Christmas party for all staff $($accommodation $$1,200$ and meals $$9,000)$

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

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

a$.$ park 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.$

c$.$

Additionally, some outdated desks previously used by the finance department, with a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

e$.$

original 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.

$**$USE AN EXCEL WORKBOOK TO PREPARE CCA schedule and UCC balance

$**$USE EXCEL WORKBOOK TO PREPARE RECONCILIATION SCHEDULE. $**$CALCULATE MINIMUM NET INCOME FOR $2023$ TAX YEAR.

$**$PROVIDE DESCIRPTION OF ITEMS NOT INCLUDED IN CALCULATION