During your review of the working paper file and last year's tax return, you have made the following notes:

The December $31,2022,$ finished goods inventory is stated net of a reserve for a possible decline in market value of $$57,000.$

Included in general and administrative expenses are the following transactions:

a$)$ Donations consisting of $$12,000$ to registered charities.

b$)$ A life insurance policy was taken out on the president's life to provide funding for the company in the event of his death. Life insurance premiums on this policy amounted to $$4,600.$

c$)$ Golf membership fees of $$3,200$ used to meet with clients$/$

d$)$ Meals and entertainment with clients of $$12,000.$

e$)$ Cost of training employees about new regulations of $$7,200.$

f$)$ Cost of the holiday party to which all employees were invited of $$17,700.$

g$)$ Warranty provision of $$28,000($actual warranty costs of $$18,000)$

h$)$ Accrued bonuses paid July $30,2023$ of $$30,000.$

Included in interest expense on long$-$term debt and other interest are the following transactions:

$($a$)$ Interest on deficient income tax instalments of $$1,200.$

$($b$)$ Interest on late municipal property taxes $$500.$

Included in other expenses are financing costs incurred to take out a loan to purchase equipment of $$10,000.$

Included in other income are the following transactions:

$($a$)$ A gain on sale of fixed asset arose, as the company sold a painting. The painting cost was $$12,000$ in $2011$ and sold for $$18,000.$

$($b$)$ Income from other investments includes the receipts of a cash dividend of $$7,500.$