Arushi is self-employed in the Software distribution business. The following is Arushis income statement, for the calendar year ending December 31,2022.

Statement of Income For the year ended December 31,2022 Gross revenue 198400 Cost of goods sold 123400 Gross profit 75000 Expenses: Accounting and legal 6200 Advertising 4800 Golf dues 1600 Business, taxes, and licenses 200 Amortization expense 3600 Personal expense of Arushi 1600 Interest 2850 Meals and entertainment 6450 Rent and lease 12000 Office 3856 Salaries and wages -Staff 31400 74556 Net income per financial statements 444

NOTES:

1) Included in the cost of goods sold is $5,700 incurred for the purpose of earning exempt income.

2) Capital cost allowance deductible is $1,970.

3) Accounting fees include the purchase of a $1,800 computerized cash register.

4) Interest expense includes $1,200 of interest paid to the CRA for late instalments.

5) Included in the cost of goods sold is $1,500 incurred for the purchase of doors and cabinets.

REQUIRED: Ms. Arushi has asked you to calculate the income from a business for tax purposes for the year ended December 31,2022.