Cameron Miller is the sole shareholder of Miller 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 Miller Enterprises Ltd. for the year 2020 Calculate the net business income for Miller Enterprises Ltd, for 2020. (Round to the nearest dollar.) The net income for 2020 is Notes to income statement 4. 1. Miller Enterprises Ltd. is a small business corporation operated by the sole shareholder, Cameron Miller. 2. Accounting and legal includes legal fees related to Cameron's dispute in regards to a personal car accident in the amount of $2,080. 3. Advertising and promotion includes "Meals and Entertainment costs in the amount of $4,290. Information for Capital Cost Allowance (CCA) purposes-the Undepreciated Capital Cost (UCC) at December 31 of the prior year was as follows: Class 8 (Office & General Equipment): $45,400 Class 10 (Automotive Equipment): $24,800. 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. Insurance includes life insurance premiums for Cameron Miller in the amount of $3,600. This life insurance policy is required as collateral for the business bank loan 7. Office expenses include the $5,200 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 $5,920. The club dues are paid for the five managers who take clients to the Royal Oak Club on a regular basis for business purposes. 5. 6. Print Done - X Income statement 505.000 Miller Enterprises Ltd Income Statement For the year ended December 31, 2020 Income Sales Cost of sales 46,000 Opening inventory 24 200 Purchases 70.200 Closing inventory 66.000 Total Cost of Goods Sold Gross profit 4200 500.000 2.800 Expenses Accounting and legal expenses Note 23 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 3) Total expenses Net income 5,600 25.400 7.600 3.800 7.400 18.500 12.500 37.500 104.000 225.200 374.500 Print Done