Calculation of net business income

The following is the income statement for Michel Levert's sole proprietorship for his fiscal year ended December 31, 2021:

Sales 500 000 $

Less: Cost of goods sold (189 200 )

Gross profit 310 800 $

Selling and administrative expenses : ?

Salaries and benefits (Note 1) 225 000 $

Rent 25 300 $

Book amortization of capital assets (Note 2) 6 800 $

Heating and electricity 3 700 $

Entertainment expenses (Note 3) 4 000 $. 264 800 )

Net income before taxes 46 000 $

Note 1 This amount includes an amount of $70,000 paid to Mr. Levert as a bonus. Other salaries are reasonable and paid to employees who are not related to Mr. Levert.

Note 2 The tax depreciation allowance for capital assets of the company is $8,300 for the year ended December 31, 2021.

Note 3 This item consists of meal and entertainment expenses with customers in the amount of $4,000.

What is the lowest possible net business income of Mr. Levert's business for his year ended December 31, 2021?

Answerr: