28. Austin Miller is the sole shareholder Miller of Enterprises Ltd., a small retail shop selling locally made arts and crafts. The shop has been in operation for several years and has a calendar fiscal year. Miller provides you with the Income Statement for the corporation for December 31, 2020. Miller Enterprises Lid. Income Statement 1. Miller Enterprises Lid. is a small business corporation operated by the sole shareholder, Austin Miller. For the year ended December 31, 2020 2. Accounting and legal includes legal fees related to Austin's dispute in regards to a personal car Income Sales 620.000 accident in the amount of $1,940. Cost of sales 53.000 3. Advertising and promotion includes Meals and Entertainment' costs in the amount of $4,220. Opening inventory 252.000 Purchases 305.000 4. Information for Capital Cost Allowance (CCA) purposes-the Undepreciated Capital Cost (UCC) at December 31 of the prior year was as follows. Closing inventory 64.000 241.000 Class 8 (Office & General Equipment) $45,200 Gross profit 878.000 Class 10 (Automotive Equipment): $25,000. Expenses 5. The company has set up an allowance for doubtful accounts based on a review of the Accounts Accounting and legal (Note ?) 2 800 Receivable at December 31 of the current year. This is a procedure that the proprietorship follows Advertising and promotion (Noto 3) 5.800 Depreciation (Note 4) 25,400 every year. Automobile expense 6.200 6. Insurance includes life insurance premiums for Austin Miller in the amount of $3,400. This life Bad debts (Note 5) 3.000 insurance policy is required as collateral for the business bank loan. Insurance (Note 6) 8.400 7. Office expenses include the $5,200 purchase of laptop computers on January 15, 2020. Interest 19.400 Office expenses (Note 7) 12 500 8. Wages and benefits includes the club dues/membership fees paid to the Royal Oak Club in the amount Rent 37.500 of $5,840. The club dues are paid for the five managers who take clients to the Royal Oak Club on a Wages and benefits (Note 8) 108.000 220.000 regular basis for business purposes. Net income 150.000 Calculate the net business income for Miller Enterprises Ltd. for the year 2020. Calculate the net business income for Miller Enterprises Ltd. For 2020. (Round to the nearest dollar.) The net income for 2020 is $ 166,540