The information and answer is given in the images. I just need to know how they calculated imputed interest on housing loan 170.Just need to know the steps. Thanks Malachi had $36,000 for a down payment on his new Ottawa home. Sincehe had no previous work experience, the banks were reluctant to providehim a mortgage at favourable terms. His employer stepped in and agreedto give him an interest free housing loan of $200,000 beginning onDecember 1, 2021. Malachi agreed to reduce his salary slightly withrespect to this benefit. The loan requires annual payments of $7,600 due atthe end of November beginning in 2022. The loan is required to be paid ifMalachi dies, sells the home, or terminates his employment. Assume thatthe prescribed interest rates for such benefits are 2% in each of the firsttwo quarters of 2021 and 1% in the third and fourth quarters. The table below could be used to find Malachi Leighton's employment incomefor the taxation year.Item 1 - Signing bonusItem 1 - Salary receivedItem 1 - RPP contributions withheldItem 1 - Other itemsItem 2 - Bonus receivedItem 3 -Counselling servicesItem 4 - Group medical coverageItem 5 - Employer contribution to RPPItem 6 - Professional dues paidItem 7 - Wedding gitsItem 8 - Squash club membershipItem 9 - Housing loss reimbursementItem 10 - Imputed interest on housing loanItem 11 - Stock option benefitItem 12 - Automobile benefitItem 13 - Stationery and suppliesItem 13 - Long distance callsItem 13 - Home officeItem 14 - Home office allowanceEmployment income$10,000$63,050($1,100)Nil$2,500NilNilNil($149)NilNil$2,100$170$1,240$740($136)($71)($560)$2,100$79,884

Answered: The information and answer is given in…

The information and answer is given in the images. I just need to know how they calculated imputed interest on housing loan 170. Just need to know the steps. Thanks

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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