ABC Co. is a proprietorship owned by Bart Simpson. Its taxation year ends on December 31. For the current year, Bart's accountant, Lisa, has calculated a Net Income for ABC Inc. of $195,000 using generally accepted accounting principles.

Other Information:

1. The following expenses were included in accounting expenses:

Amortization expense $70,500 Golf club membership fees for Bart & Lisa 15,750 Advertising on a US television station

(Directed at a US market)

10,000 Business meals and entertainment 18,000 Charitable Donations 15,950 Interest paid on office building mortgage 1,400 Appraisal costs on land to be sold 4,200

2. Lisa has correctly calculated CCA for the year in the amount of $98,900.

Required: Prepare a reconciliation to calculate ABC Co.'s net business income or loss for tax purposes for 2020 using the table below. Be sure to include a negative sign if the item should be deducted. An item that does not require adjustment should be entered as a 0.

Accounting Income $195,000 Amortization expense Golf club membership fees for Bart & Lisa Advertising on a US television station (Directed at a US market) Business meals and entertainment Charitable Donations Interest paid on office building mortgage Appraisal costs on land to be sold CCA Business income for tax purposes