Business Income - Repairs and maintenance expense amount includes an accounting warranty estimate of Question 3: $7,200. Actual warranty paid in the year was $5,100. - The wages and benefits amount includes $12,000 of bonuses which will not be paid until The following information has been provided to you from Irene. Irene has an electrical company September of 2023 . which she has been operating for the past decade. The business is not incorporated and has a December 31 , year-end. Required: You will need to calculate the BUSINESS net income for tax purposes for 2022. The following statement has been provided for 2022 : Start with the net income after taxes figure. Then make the necessary adjustments and make supporting notes (1,2,3, etc.) to explain why something should stay in the financial statements, or why it should be adjusted. You can refer to an ITA section and explain the tax guidance. You have also been provided some notes on the above information: - The investments were various stocks and bonds which were sold at a profit. - The business donated to various charities, $2,500. This was recorded in the advertising expense account. - Bad debts include uncollectable amounts of $1,800 which were written off in the year. - CCA for the assets used in the business has been calculated and AII has been correctly applied. You MUST show your detailed calculations in excel. - Interest and bank expenses are made up of the following expenses: - Fees paid to obtain various loans $4,200 - Interest paid to CRA for late income tax payments and filings $800 - Interest on various loans $8,600 - Meals and entertainment are made up of the following expenses: - Season tickets for hockey season $1,200 - Golf game fees with customers $5,500 - Dinners with customers $4,300