Ashton Magro is the sole shareholder of Magro Enterprises Ltd., a small retail shop selling locally made arts and crafts. The shop has been in operation for several years and has a calendar fiscal year. Ashton provides you with the Income Statement for the corporation for December 31 of the current year. Calculate the net business income for Magro Enterprises Ltd. for the current year. Calculate the net business income for Magro Enterprises Ltd. for the current year. (Round your answers to the nearest whole dollar.) Innomo ctatomont Income statement Notes to income statement 1. Magro Enterprises Ltd. is a small business corporation operated by the sole shareholder, Ashton Magro. 2. Accounting and legal includes legal fees related to Ashton's dispute in regards to a personal car accident in the amount of $2,040. 3. Advertising and promotion includes 'Meals and Entertainment' costs in the amount of $4,260. 4. Information for Capital Cost Allowance (CCA) purposes-the Undepreciated Capital Cost (UCC) at December 31 of the prior year was as follows: Class 8 (Office \& General Equipment): $45,500 Class 10 (Automotive Equipment): $24,000. 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 every year. 6. Insurance includes life insurance premiums for Ashton Magro in the amount of $3,400. This life insurance policy is required as collateral for the business bank loan. 7. Office expenses include the $6,000 purchase of laptop computers on January 15 , . 8. Wages and benefits includes the club dues/membership fees paid to the Royal Oak Club in the amount of $6,040. The club dues are paid for the five managers who take clients to the Royal Oak Club on a regular basis for business purposes. Ashton Magro is the sole shareholder of Magro Enterprises Ltd., a small retail shop selling locally made arts and crafts. The shop has been in operation for several years and has a calendar fiscal year. Ashton provides you with the Income Statement for the corporation for December 31 of the current year. Calculate the net business income for Magro Enterprises Ltd. for the current year. Calculate the net business income for Magro Enterprises Ltd. for the current year. (Round your answers to the nearest whole dollar.) Innomo ctatomont Income statement Notes to income statement 1. Magro Enterprises Ltd. is a small business corporation operated by the sole shareholder, Ashton Magro. 2. Accounting and legal includes legal fees related to Ashton's dispute in regards to a personal car accident in the amount of $2,040. 3. Advertising and promotion includes 'Meals and Entertainment' costs in the amount of $4,260. 4. Information for Capital Cost Allowance (CCA) purposes-the Undepreciated Capital Cost (UCC) at December 31 of the prior year was as follows: Class 8 (Office \& General Equipment): $45,500 Class 10 (Automotive Equipment): $24,000. 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 every year. 6. Insurance includes life insurance premiums for Ashton Magro in the amount of $3,400. This life insurance policy is required as collateral for the business bank loan. 7. Office expenses include the $6,000 purchase of laptop computers on January 15 , . 8. Wages and benefits includes the club dues/membership fees paid to the Royal Oak Club in the amount of $6,040. The club dues are paid for the five managers who take clients to the Royal Oak Club on a regular basis for business purposes