You are provided with the following amounts for Susan Kim for the current year:• Net employment income (ITA 5 to 8) = $35,000• Interest income (ITA 12) = $5,700• Taxable amount of dividends (ITA 12) = $2,620Taxable capital gains (ITA 38 to 55) = $2,500• Alowabie capital losses (ITA 38 to 55) = $3,500• Interest expense (bank loan for investment purposes) = $2,500• Investment counsel fees = $900• RRSP deduction (allowed pursuant to ITA 60) = $9,500Based on the above, the "net property income" reported by Susan Kim pursuant to ITA 3(a) for the current year is:Choose the correct answer.A. $7,320B. $8,320C. $33,460D. $4,920

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Based on the above, the "net property income" reported by Susan Kim pursuant to ITA 3(a) for the current year is:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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