6.100 $363.100 Greyon Inc operates an active business Financial statements for the year ended December 31, 2020 report a net income before taxes of $300,000. The following additional information is provided 1. Greyon's net income is summarized as follows: Income from business operations $338 800 Gain on sale of capital assets 18.200 Interest on a bond investment Income from Financial Statements 2. During the year Greyon completed construction of a new warehouse building and its cost of $600.000 was added to the balance sheet. The cost consists of the following Building construction $605.000 Heating and cooling systems 96.800 Landscaping of grounds 5726.000 3. Legal expenses include $2.400 for drafting the mortgage document for the new watchouse. $1.200 to investigate a coning limitation on the new warehouse site, and $6100 for the audit fee 4. The balance sheet of Greyon includes an amount for goodwill acquired from previous business acquisition Dunng the yeat o goodwin impairment loss of $36.300 a deducted from the income from business operations 5. A management bonus of $72 600 was announced and accrued in September. The bonus was paid to two equal installments on January 31 and April 30 of the following your 2021 6. The income statement for the year ended December 31, 2020 includes the flowing items $19,600 7.300 Charitable donations Amortization 5. A management Bonus of $72,600 was announced and accrued in September. The bonus was paid in two equal installments on January 31 and April 30 of the following year, 2021 6. The income statement for the year ended December 31, 2020 includes the following items Amortization $49,600 Charitable donations 7.300 Volume rebates and discounts on purchases 15,700 Architect's fee for design of new warehouse building 30,300 7 Advertising and promotion includes $24.200 fot airing o IV commercial, 536,300 for production of the TV commercial, $6,100 for club memberships in a sports-related facility to enhance business contacts and $1,500 for acquiring a permanent mailing list for sooking new customers 8. Capital cost ollowance has been correctly calculated as $70,200 Required: 1. Determine Greyon's Not Income from Business for tax purposes for the 2020 taxation year 2 Determine Greyor's Net Income for Tax Purposes for the 2020 toxotion yoor 6.100 $363.100 Greyon Inc operates an active business Financial statements for the year ended December 31, 2020 report a net income before taxes of $300,000. The following additional information is provided 1. Greyon's net income is summarized as follows: Income from business operations $338 800 Gain on sale of capital assets 18.200 Interest on a bond investment Income from Financial Statements 2. During the year Greyon completed construction of a new warehouse building and its cost of $600.000 was added to the balance sheet. The cost consists of the following Building construction $605.000 Heating and cooling systems 96.800 Landscaping of grounds 5726.000 3. Legal expenses include $2.400 for drafting the mortgage document for the new watchouse. $1.200 to investigate a coning limitation on the new warehouse site, and $6100 for the audit fee 4. The balance sheet of Greyon includes an amount for goodwill acquired from previous business acquisition Dunng the yeat o goodwin impairment loss of $36.300 a deducted from the income from business operations 5. A management bonus of $72 600 was announced and accrued in September. The bonus was paid to two equal installments on January 31 and April 30 of the following your 2021 6. The income statement for the year ended December 31, 2020 includes the flowing items $19,600 7.300 Charitable donations Amortization 5. A management Bonus of $72,600 was announced and accrued in September. The bonus was paid in two equal installments on January 31 and April 30 of the following year, 2021 6. The income statement for the year ended December 31, 2020 includes the following items Amortization $49,600 Charitable donations 7.300 Volume rebates and discounts on purchases 15,700 Architect's fee for design of new warehouse building 30,300 7 Advertising and promotion includes $24.200 fot airing o IV commercial, 536,300 for production of the TV commercial, $6,100 for club memberships in a sports-related facility to enhance business contacts and $1,500 for acquiring a permanent mailing list for sooking new customers 8. Capital cost ollowance has been correctly calculated as $70,200 Required: 1. Determine Greyon's Not Income from Business for tax purposes for the 2020 taxation year 2 Determine Greyor's Net Income for Tax Purposes for the 2020 toxotion yoor