Greyon Inc. operates an active business. Financial statements for the year ended December $31,2023$

report a net income before taxes of $$399,400.$ The following additional information is provided:

$1.$ Greyon$$s net income is summarized as follows:

Income from business operations $$372,700$

Gain on sale of capital assets $20,000$

Interest on a bond investment $6,700$

Income from Financial Statements $$399,400$

$2.$ During the year Greyon completed construction of a new warehouse building and its cost of $$798,600$

was added to the balance sheet. The cost consists of the following:

Building construction $$665,500$

Heating and cooling systems $106,500$

Landscaping of grounds $26,600$

$$798,600$

$3.$ Greyon$$s balance sheet includes an amount for goodwill acquired from a previous business acquisition.

During the year, a goodwill impairment loss of $$39,900$ was deducted from the income from business

operations.

$4.$ Legal expenses, deducted in arriving at income from business operations, include $$2,600$ for drafting

the mortgage document for the new warehouse, $$1,300$ to investigate a zoning limitation on the new

warehouse site, and $$6,700$ for the audit fee.

$5.$ A management bonus of $$79,900$ was announced and accrued in September. The bonus was paid in

two equal installments on January $31$ and April $30$ of the following year, $2024.$

$6.$ Advertising and promotion includes $$26,600$ for airing a TV commercial, $$39,900$ for production of the

TV commercial, $$6,700$ for club memberships in a sports$-$related facility to enhance business contacts

and $$16,000$ for acquiring a permanent mailing list for seeking new customers.

$7.$ The income statement for the year ended December $31,2023$ includes the following items:

Amortization $$54,600$

Charitable donations $8,000$

Volume rebates and discounts on purchases $17,300$

Architect$$s fee for design of new warehouse building $33,300$

$8.$ Capital cost allowance has been correctly calculated as $$77,200.$

Required:

$1.$ Determine Greyon$$s Net Income from Business for tax purposes for the $2023$ taxation year.

$2.$ Determine Greyon$$s Net Income for Tax Purposes for the $2023$ taxation year