5 Window Shine Ltd. was incorporated on July 1, 2019, and purchased an existing business on the same date. The purchase included the following assets: Delivery trucks Goodwill Franchise $40,000 12,000 10,000 35 points Immediately after incorporation, the company moved into leased premises, having signed a lease for three years with an option to renew for an additional three. Rental payments of $2,000 per month began in July. The premises required alterations, and in July, the company incurred costs of $15,000 for these. Skipped eBook The franchise that was purchased for $10,000 has a remaining legal life of five years. At the end of the five-year period, the franchise may be renewed at a nominal cost only if the franchiser is satisfied with the performance of the franchisee. Print References The company's fiscal year end is June 30, 2020. A brief financial statement is presented for the first year of operations. $124.000 Revenue Expenses: Wages Office Building improvements Rent Delivery expense Incorporation costs Amortization/depreciation (truck) Amortization of goodwill Amortization of franchise Other Net income for the year $26.000 4,000 15.000 24.000 4,000 3,000 12,000 2.000 2,000 12,000 104,000 $ 20,000 Required: Required: Determine the corporations net income from business for tax purposes for the taxation year ending June 30, 2020. Net Income per financial statements Net Income for Tax purposes $ 0