The following transactions involve the Logic Corporation's capital dividend account:
• In 2017, they sold a capital asset with an adjusted cost base of $105,000 for cash of$129,000.
• In 2018, they sold a non-depreciable capital asset with an adjusted cost base of $91,000 for cash of $83,000.
• During the year ending December 31, 2019, the Company received a capital dividend of $10,600.
• On July 1, 2020, they sold goodwill for proceeds of $50,000. The goodwill had been internally developed and was not reflected in the Company's records. On January 1, 2020, there was a nil balance in the Company's Class 14.1 UCC.
• On October 31, 2020, the Company paid an ITA 83(2)capital dividend of $13,750. The appropriate election was made.
Determine the balance in the capital dividend account at December 31, 2020.

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The Answer of The following transactions involve the Logic Corporation's capital dividend account:
• In 2017, they sold a capital asset with an adjusted cost base of $105,000 for cash of$129,000.
• In 2018, they sold a non-depreciable capital asset with an adjusted cost base of $91,000 for cash of $83,000.
• During the year ending December 31, 2019, the Company received a capital dividend of $10,600.
• On July 1, 2020, they sold goodwill for proceeds of $50,000. The goodwill had been internally developed and was not reflected in the Company's records. On January 1, 2020, there was a nil balance in the Company's Class 14.1 UCC.
• On October 31, 2020, the Company paid an ITA 83(2)capital dividend of $13,750. The appropriate election was made.
Determine the balance in the capital dividend account at December 31, 2020.

The Following Transactions Involve the Logic Corporation's Capital Dividend Account