Asher Aresenault is the sole shareholder of Aresenault Enterprises Ltd., a small retail shop selling locally made arts and crafts. The shop has been in operation for several years and has a calender fiscal year. Asher provides you with the income statement for the corporation for Dec 31 2020. Calculate the net business income for Aresenault Enterprises Ltd. For the year 2020. The net income for 2020 is 154,615 -> Find out how to solve this. I don't know how they were able to get the 154,615. Please help and show work.

Aresenault Enterprises Ltd. Income Statement i Notes to income statement - X For the year ended December 31, 2020 Income 1 . Aresenault Enterprises Lid. is a small business corporation operated by the sole shareholder, Asher Sales 610,000 Aresenault. Cost of sales S 52,000 2. Accounting and legal includes legal fees related to Asher's dispute in regards to a personal car 258,000 accident in the amount of $2,080. Opening inventory 3. Advertising and promotion includes "Meals and Entertainment' costs in the amount of $4,270. Purchases 310,000 4 Information for Capital Cost Allowance (CCA) purposes-the Undepreciated Capital Cost (UCC) at December 31 of the prior year was as follows: Closing inventory 66,000 244,000 Class 8 (Office & General Equipment): $45,150 Class 10 (Automotive Equipment): $24,600. Gross profit 366,000 5, The company has set up an allowance for doubtful accounts based on a review of the Accounts Receivable at December 31 of the current year. This is a procedure that the proprietorship follows Expenses every year. 6. Insurance includes life insurance premiums for Asher Aresenault in the amount of $3,200. This life Accounting and legal (Note 2) 3,400 insurance policy is required as collateral for the business bank loan. Advertising and promotion (Note 3) 5,200 7. Office expenses include the $6,000 purchase of laptop computers on January 15, 2020. Depreciation (Note 4) 26,400 8. Wages and benefits includes the club dues/membership fees paid to the Royal Oak Club in the amount of $5,860. The club dues are paid for the five managers who take clients to the Royal Oak Automobile expenses 7,000 Club on a regular basis for business purposes. Bad debts (Note 5) 3,200 Insurance (Note 6) 8,200 Print Done Interest 19,600 Office expenses (Note 7) 11,500 Rent 38,000 Wages and benefits (Note 8) 104,000 226,500 Clear All Check Answe Net income S 139,500