Evergreen Trees Inc. is a CCPC operating in your province. The company has a December 31st
year-end.
Three asset sales occurred prior to the end of 20x1. The following information pertains to the net gai sale of the assets:
Asset 1: Building (One of several owned by the company)
The building was previously purchased for $80,000. At the time of the sale in 20x1, the accumulated amortization on the building was $10,000. The UCC balance was $65,000. The full payment of $110 received before the end of the year.
Asset 2: Land
The land was purchased for $200,000 and sold in 20x1 for $250,000. Proceeds of $60,000 will be rec year. The remainder of the payment will be received in equal installments over the next eight years.
Asset 3: Marketable Securities
The company sold its entire public portfolio this year. The adjusted cost base of the shares was $100, market value of the shares at the time of sale in 20x1 was $135,000. Selling costs on the sale were $5
Required:

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The Answer of Evergreen Trees Inc. is a CCPC operating in your province. The company has a December 31st
year-end.
Three asset sales occurred prior to the end of 20x1. The following information pertains to the net gai sale of the assets:
Asset 1: Building (One of several owned by the company)
The building was previously purchased for $80,000. At the time of the sale in 20x1, the accumulated amortization on the building was $10,000. The UCC balance was $65,000. The full payment of $110 received before the end of the year.
Asset 2: Land
The land was purchased for $200,000 and sold in 20x1 for $250,000. Proceeds of $60,000 will be rec year. The remainder of the payment will be received in equal installments over the next eight years.
Asset 3: Marketable Securities
The company sold its entire public portfolio this year. The adjusted cost base of the shares was $100, market value of the shares at the time of sale in 20x1 was $135,000. Selling costs on the sale were $5
Required: