Casey Felt is the sole shareholder of Felt Enterprises Ltd., a small retail shop selling locally made arts and crafts.Theshophasbeeninoperationforseveralyearsandhasacalendarfiscalyear.Caseyprovidesyou with the Income Statement for the corporation for December 31,2020.

Calculate the net business income for 2020 (show your work, CCA and other calculations):

Casey Felt is the sole shareholder of Felt Enterprises Lid., 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. Casey provides you with the Income Statement for the corporation for December 31, 2020. Felt Enterprises Ltd. Income Statement For the year ended December 31, 2020 Income Sales $ 595,000 1 . Felt Enterprises Lid. is a small business corporation operated by the sole shareholder, Casey Felt. Cost of sales 49,000 2. Accounting and legal includes legal fees related to Casey's dispute in regards to a personal car Opening inventory 240,000 accident in the amount of $1,960. 3. Advertising and promotion includes 'Meals and Entertainment' costs in the amount of $4,230 Purchases 289,000 4. Information for Capital Cost Allowance (CCA) purposes-the Undepreciated Capital Cost (UCC) at December 31 of the prior year was as follows: Closing inventory 68,000 221,000 Class 8 (Office & General Equipment): $45,400 Class 10 (Automotive Equipment): $24,600 Gross profit 374,000 5. 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 Expenses every year. 6. Insurance includes life insurance premiums for Casey Felt in the amount of $3,600. This life insurance Accounting and legal (Note 2) 2,800 policy is required as collateral for the business bank loan. Advertising and promotion (Note 3) 5,600 7. Office expenses include the $6,000 purchase of laptop computers on January 15, 2020. Depreciation (Note 4) 25,800 8. Wages and benefits includes the club dues/membership fees paid to the Royal Oak Club in the amount of $5,840. The club dues are paid for the five managers who take clients to the Royal Oak Club on a Automobile expenses 6,600 regular basis for business purposes. Bad debts (Note 5) 3,400 Insurance (Note 6) 8,000 Interest 19,200 Office expenses (Note 7) 10,000 Rent 35,500 Wages and benefits (Note 8) 108,000 224,900 Net income 149, 100 Calculate the net business income for 2020 (show your work, CCA and other calculations)