Covid Bashers Inc. has the following Balance Sheet and Income Statement for 2019:

Cash$1,000Accounts Payable$10,000

Marketable Securities5,000Note Payable5,000

Accounts receivable10,000

Shareholder Loan Receivable2,000

Inventories14,000

Total Current Assets$32,000Total Liabilities$15,000

Land40,000Common Stocks3,000

Building (cost - $30,000)20,000Retained Earnings90,000

Equipment (cost - $20,000)16,000

Total$108,000Total$108,000

Sales$200,000

COGS100,000

Gross Profit100,000

Operating expenses72,500

Depreciation1,000

Interest Expense500

Total Expenses74,000

Income before Taxes26,000

Income Taxes (40%)4,800

Net Income$10,400

Other information:

The business does not have a business cycle - 2019 is an average year.

The President (shareholder) has been paid a salary of $40,000 as he wanted to keep his income low for tax reasons but the market-rate for his services would have been $50,000.

Marketable Securities are surplus cash in excess of operational needs (FMV $5,000)

Shareholder Loan was made to the President to buy a car for his personal use.

Expected capital expenditures required in order to sustain operations is estimated to be $2,000 per year. CCA rate on capital assets acquired is 30%

The Undepreciated Capital Cost (UCC) balance on the existing assets is $20,000 and the CCA rate is 30%.

Company tax rate is 40%. Capital Gains are taxed at 50% and no capital losses allowed on depreciable property. WACC rate is 15%.

Based on Company's growth prospects, economic and market conditions, capitalization rate is judged to be WACC less 3%

Assume the business will continue as a going concern, what is its NORMALIZED EBITDA (no comma) FOR 2019?