AP $6-6$ Mole Proprietorship$$Business Income with CQA$)$

Kelonay is an accountant who carries on his practice as a sole proprietor. The practice has a calendar$-$based fiscal period ending December $31.$

Kelonay carves on the business in a building that he owns. He purchased the building in $2019$

for $$550,000,$ with the estimated value of the land at that time being $$125,100$ and the remaining $$425,000$ attributable to the building. Keloney's practice occupies $100\%$ of the building and, because it was a new building when he purchased it$,$ he has elected to place it in a separate class $1.$ on January $1,7073,$ the UCC of the building is $$380\mathrm{.}000.$

because he is attracting an increasingly wealthy clientele, Kelonay has decided to upgrade his

office. In February $2023,$ he replaces all his old furniture and fixtures, The old furniture and fixtures had a capital cost of $$65,000$ and an opening UCC of $$41,000$ It is all sold for $$22,000.$ The new furniture and fixtures have a capital cost of S$136,000.$

Other property purchases in $2023$ are as follows:

New computer $$1,800$

Applications software $2,700$

Client list from retiring accountant $32,000$

Because he has started to provide in$-$home services $\text{'}$or many of his clients, he has an automobile that is used almost exclusively for this purpose, kelonay purchased the automobile for S$56,000$ on January $1.2023.$ The automobile is not a zero$-$emission vehicle. In $2023,$ he drives a total of $23,000$ kilometres, of which $21,000$ kilometres felate to business use and only $2,000$ kilometres for personal use. Operating expenses for $2023$ are $$4,140.$

Other $2023$ business expenses, determined on an accrual basis, are the following!

Building operating expenses $$18,600$

Payments to assistants $31\mathrm{.}200$

Miscellaneous office expenses $9,400$

Meals with clients $$10,500$

Revenues for the $2023$ fiscal period, were $$224\mathrm{.}003.$

Required: Calculate the minimum business income kelonay would include in his net income for

$2023.$ Ignore immediate expensing and any GST$/$HST &PST considerations.