Jordana is self employed in the T shirt distribution business, the following is Jordana's income statement, for the calendar year ending December 31.

Gross Revenue 60,000

Cost of Goods sold (10,000)

Gross Profit 50,000

Expenses:

Accounting and Legal 2,000

Advertising 800

Golf Dues 3,000

Reasonable estimated bad debt expense 2,000

Business, taxes, and licenses 1,000

Amortization Expense 8,000

Cycle Safety Program 1,200

Interest 7,800

Meals & Entertainment 4,000

Rent and Lease 2,200

Office Rent 1,000

Salaries and Wages - Staff 6,000(39,000)

Net Income per financial statements 11,000

Notes

a)Legal fees include $500 of accrued fees for a pending lawsuit against Jordana for the sale of distasteful T shirts

b)Accounting fees include the purchase of $1,200 computerized cash register.

c)Interest expense includes $3,000 paid to the CRA for late instalment interest

d)The Cycle Safety Program cost was for Jordana, who is an active environmentalist and rides her bicycle to work every day

e)Included in the cost of goods sold is $3,200 incurred for the purchase of shelving and lighting.

f)Due to the nature of transaction, the sale of Disney rights were not included in the financial statements. Jordana actively trades rights for T shirt logos. Net proceeds from the sale of the Disney rights were $15,000, and the cost of the logo rights was $6,800.

Required:

Jordana has asked you to calculate her income from a business for tax purposes, before CCA, for the calendar year ending Dec 31.