Question - Export Ltd. is a Canadian private company with a December 31 year end. The transactions which follow involve Export Ltd.'s capital dividend account.
During 2006, the Company received a capital dividend of $23,000.
During 2009, the Company sold a depreciable capital asset with an adjusted cost base of $156,000 for cash proceeds of $199,000.
During 2011, the Company sold an unlimited life franchise for $150,000. The Company had paid $125,000 for it in 2009 .
During 2012, the Company sold a depreciable capital asset with an adjusted cost base of $120,000 for cash proceeds of $102,000.
During 2017, the Company paid an ITA 83(2) capital dividend of $10,400.
Determine the balance in the capital dividend account at December 31, 2017.