Greyon Inc. operates an active business. Financial statements for the year ended December 31, 2020 report a net income before taxes of $300,000. The following additional information is provided:

1. Greyons net income is summarized as follows:

Income from business operations	$308,000
Gain on sale of capital assets	16,500
Interest on a bond investment	5,500
Income from Financial Statements	$330,000

2. During the year Greyon completed construction of a new warehouse building and its cost of $600,000 was added to the balance sheet. The cost consists of the following:

Building construction	$550,000
Heating and cooling systems	88,000
Landscaping of grounds	22,000
	$660,000

3. Legal expenses include $2,200 for drafting the mortgage document for the new warehouse, $1,100 to investigate a zoning limitation on the new warehouse site, and $5,500 for the audit fee.

4. The balance sheet of Greyon includes an amount for goodwill acquired from a previous business acquisition. During the year, a goodwill impairment loss of $33,000 as deducted from the income from business operations.

5. A management bonus of $66,000 was announced and accrued in September. The bonus was paid in two equal installments on January 31 and April 30 of the following year, 2021.

6. The income statement for the year ended December 31, 2020 includes the following items:

Amortization	$45,100
Charitable donations	6,600
Volume rebates and discounts on purchases	14,300
Architects fee for design of new warehouse building	27,500

7. Advertising and promotion includes $22,000 for airing a TV commercial, $33,000 for production of the TV commercial, $5,500 for club memberships in a sports-related facility to enhance business contacts and $13,200 for acquiring a permanent mailing list for seeking new customers.

8. Capital cost allowance has been correctly calculated as $63,800.

Required:

1. Determine Greyons Net Income from Business for tax purposes for the 2020 taxation year.

2. Determine Greyons Net Income for Tax Purposes for the 2020 taxation year.

Net Income per Financial Statements
Net Income from Business
Segment A Income Subtotal
Net Income for Tax Purposes