(*All closing inventory is valued at marketvalue.) Required: A) Calculatethe net income for tax purposes for Jaylen's proprietorship. B) Explain whyany items have been omitted. C) Brieflydiscuss how your answer in A) would change if Jaylen had valued the inventoryat cost.Multi Line Text.

Jaylen Abbas runs a small proprietorship. You have been provided with the following financial information pertaining to his business: $150,000 80,000 1,000 2,000 Sales Cost of goods sold* Advertising in a local paper Advertising in a U.S. newspaper directed at Canadians living in the U.S. Meals and entertainment Property taxes on a vacant piece of land (which earns no income) adjacent to the business Golf course fees for Jaylen Cost of one convention held on a cruise ship in the Mediterranean Sea sponsored by a Canadian fishing association. 10,000 2,5001 1,500 2,000