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Kelly has a side business which is called CustomCookies. She started her business venture a few years ago. Kelly prepares and sells customized decorated cookies from her home. Most of her sales are made for special events such as birthdays or going away parties, Kelly provides you with the following information for 2020 with respect to her business: Sales Revenues $45,000 Supplies (Flour, Sugar, Boxes, Etc.) Purchased 11,000 Purchase Of New Oven (Class 8) 2.200 Purchase Of New Automobile (Class 10) 29,000 Automobile Operating Expenses 3.200 Website creation 800 Accounting fees 1.200 With respect to the supplies, she had an opening Inventory of $1,100. on December 31, 2020 she had $800 of supplies on hand. Early in January, 2020, Kelly sold her old automobile for $12,000. It had cost $35.000. Both the old and the new automobiles were used solely for her business Kellysses 20 percent of the space in her home for the business. Het 2020 household expenses include the following: $5.300 All Utilities Property Taxes 4,800 Maintenance 1.400 Phone Line Dedicated To The Business 700 Insurance On Her Home 1.600 Purchase Of New Automobile (Class 10) 29,000 Automobile Operating Expenses 3,200 Website creation 800 Accounting fees 1.200 With respect to the supplies, she had an opening inventory of $1,100. On December 31, 2020 she had $800 of supplies on hand. Early in January, 2020, Kelly sold her old automobile for $12,000. It had cost $35,000. Both the old and the new automobiles were solely for her business Kelly uses 20 percent of the space in her home for the business. Her 2020 household expenses include the following: $5,300 All Utilities 4,800 Property Taxes Maintenance 1,400 Phone Line Dedicated To The Business 700 Insurance On Her Home 1,600 Mortgage Interest 12.300 The UCC balances at January 1, 2020 are as follows: Class 8 $3,100 Class 10.1 9.000 Kelly does not claim CCA on her home as she realizes that if she did this would result in future recapture and capital gains implicatio REQUIRED: Calculate Kelly's 2020 Net Income for Tax Purposes. Kelly has a side business which is called CustomCookies. She started her business venture a few years ago. Kelly prepares and sells customized decorated cookies from her home. Most of her sales are made for special events such as birthdays or going away parties, Kelly provides you with the following information for 2020 with respect to her business: Sales Revenues $45,000 Supplies (Flour, Sugar, Boxes, Etc.) Purchased 11,000 Purchase Of New Oven (Class 8) 2.200 Purchase Of New Automobile (Class 10) 29,000 Automobile Operating Expenses 3.200 Website creation 800 Accounting fees 1.200 With respect to the supplies, she had an opening Inventory of $1,100. on December 31, 2020 she had $800 of supplies on hand. Early in January, 2020, Kelly sold her old automobile for $12,000. It had cost $35.000. Both the old and the new automobiles were used solely for her business Kellysses 20 percent of the space in her home for the business. Het 2020 household expenses include the following: $5.300 All Utilities Property Taxes 4,800 Maintenance 1.400 Phone Line Dedicated To The Business 700 Insurance On Her Home 1.600 Purchase Of New Automobile (Class 10) 29,000 Automobile Operating Expenses 3,200 Website creation 800 Accounting fees 1.200 With respect to the supplies, she had an opening inventory of $1,100. On December 31, 2020 she had $800 of supplies on hand. Early in January, 2020, Kelly sold her old automobile for $12,000. It had cost $35,000. Both the old and the new automobiles were solely for her business Kelly uses 20 percent of the space in her home for the business. Her 2020 household expenses include the following: $5,300 All Utilities 4,800 Property Taxes Maintenance 1,400 Phone Line Dedicated To The Business 700 Insurance On Her Home 1,600 Mortgage Interest 12.300 The UCC balances at January 1, 2020 are as follows: Class 8 $3,100 Class 10.1 9.000 Kelly does not claim CCA on her home as she realizes that if she did this would result in future recapture and capital gains implicatio REQUIRED: Calculate Kelly's 2020 Net Income for Tax Purposes