Business income Bison Consulting is a sole proprietorship owned by Kevin Bison in London, Ontario For the year ended December 31, 2021, Kevin calculated Net Income for Bison Consulting of $70,000. Kevin determined this amount using generally accepted accounting principals Other Information The following amounts were included in the accounting expenses Amortization expense S1.200 Golf Club Dues for entertaining clients 6.000 Chantable Donations 4,000 Business meals & entertainment 8,000 Advertising 3,000 Also included in the expenses was $3,000 paid to his daughter Karen for washing his car once a week for the summer. Monies were to be put away to help her with her tuition for college in the fall Kevin and his wife Kathy attended a consulting convention in Vancouver in the fall Total cost deducted for this convention was $4.000 (no meals were deducted). While Kevin was at the convention, Kathy was site seeing around Vancouver Cost associated with Kathy making the trip were $1.500 Kevin's only depreciable property was furniture & fixtures The UCC balance for January 1, 2021 was $3,000. There were no additions or dispositions during the year Kevin maintained a home office in his basement where he regularly met with clients. The size of this office was 144 square feet, and he had a total square footage of 2880 The following expenses related to his home office Utilities $2,200 Property Tax 1,000 Mortgage Interest 4,000 Insurance 800 Maintenance & repairs 500 Required Using the above information, calculate the minimum Net income for tax purposes, Kevin must report on his 2021 tax return (show all workings) Explain anything you omitted from the calculation