Cameron Hill is the sole shareholder of Hill 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. Cameron provides you with the Income Statement for the corporation for December 31, 2020 (Click on the icon to view the income statement.) (Click on the icon to view the notes to the income statement.) Calculate the net business income for Hill Enterprises Ltd. for the year 2020. Calculate the net business income for Hill Enterprises Ltd. for 2020. (Round to the nearest dollar.) The net income for 2020 is $ the year 2020. Income statement 595,000 Hill Enterprises Ltd. Income Statement For the year ended December 31, 2020 Income Sales Cost of sales 54,000 Opening inventory 260,000 Purchases 314,000 Closing inventory 68,000 Total Cost of Goods Sold Gross profit EA 246,000 349,000 Expenses Accounting and legal expenses Income statement 4,400 Expenses Accounting and legal expenses (Note 2) Advertising and promotion expenses (Note 3) Depreciation expense (Note 4) Automobile expenses Bad debts expense (Note 5) Insurance expense (Note 6) Interest expense Office expenses (Note 7) Rent expense Wages and benefits expenses (Note 8) Total expenses Net income 5,200 26,200 7,000 3,000 8,400 18,200 12,000 37,500 108,000 229,900 119,100 Notes to income statement 1. Hill Enterprises Ltd. is a small business corporation operated by the sole shareholder, Cameron Hill. 2. Accounting and legal includes legal fees related to Cameron's dispute in regards to a personal car accident in the amount of $1,940. 3. Advertising and promotion includes "Meals and Entertainment' costs in the amount of $4,220. 4. Information for Capital Cost Allowance (CCA) purposesthe Undepreciated Capital Cost (UCC) at December 31 of the prior year was as follows: Class 8 (Office & General Equipment): 545,300 Class 10 (Automotive Equipment): $24,000. 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 Cameron Hill in the amount of $2,400. 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, 2020. 8. Wages and benefits includes the club dues/membership fees paid to the Royal Oak Club in the amount of $5,820. The club dues are paid for the five managers who take clients to the Royal Oak Club on a regular basis for business purposes