Bailey operates a small automotive parts manufacturing and repair business through his corporation, Ozarka Inc . The corporation reported the following financial information for 2020. Assume the corporation uses a calendar year-end and the accrual method of accounting. Additionally, Bailey always opts to defer reporting Parts income as long as legally possible for financial and tax purposes.

a. The corporation rented a small business office on February 1, 2020, and paid the rent of $24,000 in full at that time. The rental period was from February 1, 2020, through January 31, 2022.

b. The corporation earned and collected $500,000 in revenue from the sale of parts in 2020. The total cost of goods sold for the parts was $125,000. The corporation also earned and collected $200,000 from repair revenues in 2020.

c. The corporation received an advance payment in 2020 of $17,000 for repair services that will be performed in 2021. The corporation did not report this revenue in its financial statements in 2020.

d. The corporation performed repair services worth $75,000 during 2020 and billed the customers this amount but has not yet been paid. The corporation felt it necessary to record on its 2020 financial statements an allowance for doubtful accounts on these receivables and recorded $5,500 as an allowance/bad debt expense.

e. The corporation prepaid its insurance of $25,000 on June 1 for the period June 1, 2020, to May 31, 2021.

f. The corporation paid a $3,000 penalty for the late payment of its 2017 federal income taxes.

g. The corporations total employee compensation paid for the years was $50,000, which would be considered reasonable.

h. The corporation needed to have some routine maintenance performed on the workshops equipment. It paid $5,000 on December 1, 2020, for the work to be done. The company responsible for the work soon thereafter told Bailey it could not get to the work until January 2021, but that it would be done by the end of January 2021.

i. The corporation guarantees that it will refund the cost of any parts sold to a customer if the parts fail within a year of delivery. At the end of 2020, the corporation agreed to refund $5,200 to customers but has not paid any portion of this amount in 2020.

j. The corporation made contributions to political campaigns totaling $10,000.

Based on the above information, determine the amount of net business income/(loss) for 2020