3. Management bonuses: 4. Employee benefits: 5. Interest expense includes interest 6. Insurance expenses: 7. Appraisal costs: 8. Legal and accounting expenses: 9. Repair and maintenance costs: Additional Information (all related to the statement of income): 1. Cost of sales: The closing inventory at the end of the previous year was valued at the lower of cost or market, which amounted to $270,000. president and the president's spouse can work full-time in the business. 3. Management bonuses: 9. Repair and maintenance costs: Page 1 10. Travel costs (incurred for sales personnel): 11. Advertising and promotion costs: 12. The bad debts expense of $36,000 represents an increase in the reserve for doubtful accounts receivable arising from the sale of merchandise. 16. The net gain on the sale of land of $40,000 consists of the following: market price of $160,000. Required: (a) For the year ended May 31, 2023, determine the company's business income for tax purposes. (b) Determine the company's overall net income for tax purposes in accordance with the aggregating formula