I am looking for the value of Car Loan Interest Expense, if someone could help me with the answer and explain how it is done that would be great. Thank you!

Ava Miller has just completed the second year of operating her veterinary clinic. You have been retained by Ava for tax assistance and advice. At a recent meeting, you gathered information on her practice, which is presented below. For the year ended December 31, 2020, the clinic showed a profit of $164,700, as follows: Professional service Gross profit from surgical instrument sales Administration and other expenses $427,200 37.300 $464,500 _(303,800 160,700 4.000 $164.700 Interest income Net income Included in the above is depreciation/amortization expense of $30,600 on fixed assets and amortization of development costs of $5,800. Additional information for 2020 is outlined below. 1. 2. 3. 4. On February 28, Ave purchased a competitor's business and merged it with her own. The following assets were scquired: Truck $24.000 Equipment 66,600 During the year, Ave designed and patented a new surgical instrument. On July 1. a legal fee of $5,300 wes paid for the patent (life of 20 years) registration; this amount is included in administration expenses. In October, $21,300 was spent on consultants to research metal alloys, and this cost is being amortized as development costs in the financial statement. Professional services revenue includes the value of unbilled services compiled from a work-in-progress file. At December 31, unbilled services emounted to $21.300.compared with $2,800 at the same time last year. In 2019, Ave had made an election under section 34 of the Income Tax Act to exclude work in progress from income Some of the items included under administrative and other expenses are as follows: Group life insurance for office staff $1,400 Christmas gifts to staff (under $200 esch) 1.900 Dues to golf club (for employee) 1,500 Meals and drinks for clients 400 Books (15-volume set on veterinary medicine) 4,000 Interest on car loan (six months) 2.800 Finder's fee for a loan to finance equipment 1,300 The income statement includes a cost of $4,300 for attending three conventions during the year. Convention #1 ($1.000) was in July. Conventions 2 (51,900) and #3 ($1.400) were both in December. Each convention includes a cost of ($170) for meals. For each of the December conventions, the sirfore of ($350) was included in accounts payable at the end of the year. Vehicle costs include operating costs of $3.200 for the automobile (including $400 for car parking). The automobile was driven 24,000 km. Of this, 12,000 km wes for customer travel, 2.000 km was for travel between her home and the clinic, and 10,000 km was for personal travel. 5. 6. 7. Ave expects that a number of the new manufactured surgical instruments will be returned for modification, which she will do at no extra cost to the customer. The income statement includes a $2,600 deduction based on her estimate of the returns. As of December 31, $1,100 of costs were incurred for returned items. 8. Ave moved from rented premises to new rented premises on February 28, with 20 months remaining on the old lesse. The landlord accepted a payment of $10,700 in exchange for cancelling the lease. The accounting records have amortized this cost over the remainder of the lease term and accordingly have deducted $5.350 as rent expense. 9. Capital cost allowance (CCA) for tax purposes has been correctly calculated as $20.000. Required: $ GA Determine Ava's net income from business for tax purposes for 2020 taxation year. Answer is complete but not entirely correct. Net Income per financial statements $ Interest Income Depreciation of Fixed Assets $ Amortization of development costs $ Research and development - actual Dues to golf club Meals and drinks for clients Books (15-volume set on veterinary medicine) Car loan interest expense Finders fee for a loan to finance equipment Convention #1 Convention Meals Convention Airfare Car operating expense Reserve for Return Sales Return sales - Actual $ Rent Expense Capital Cost Allowance $ Net Income from Business for Tax purposes 164,700 (4,000) 30,600 5,800 (21,300) 1,500 200 4,000 1,590 1,040 1,000 170 700 1,400 2,600 (1,100) (5,350) (20,000) 163,550 $ $