Kvetch Ltd. has operated one business with a December 31 year-end since its incorporation in 2018. It has made the following transactions:

August 2019 incurred incorporation costs of $2,500

May 2020 purchased a licence with an indefinite life for $11,755

June 2021 purchased goodwill for $80,000

August 2023 purchased a franchise with an indefinite life for $120,000

Octoer 2025 sold the licence for $50,000 purchased in May 2020

June 2026 sold the franchise for $200,000 purchased in August 2023

Required:

Calculate the effect of the above transactions on income from business, assuming that the maximum write-off is taken by the corporation in all of the years indicated. Assume that the transaction was an arm's length transaction.