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Based on Income Tax and Tax laws of Canada (Province Ontario, City Ottawa)

You have been asked to reconcile accounting income to Division B income for tax purposes and to compute taxable income for your client, Marvel Industries Ltd. The income statement for the year ended December 31, 2020 is shown below: Marvel Industries Ltd.
Statement of Income
Year Ended December 31, 2020
Sales	$4,780,000
Cost of sales	3,560,000
Gross profit	$1,220,000
Expenses:
Selling	$ 395,000
General and administrative	305,000
Amortization	230,000
Interest on long-term debt	37,000
Other interest	55,000
TOTAL $1,022,000
Income before income taxes	$ 198,000
Income taxes:
Current	$ 93,000
Provision for future income taxes	4,500
TOTAL $ 97,500
Net income	$ 100,500

During your review of the working paper file and last years tax return, you have made the following notes to yourself, because you think that there might be tax implications associated with these items:

1. The December 31, 2020 ending inventory account is net of a reserve for the possible decline in the market value of inventory of $57,000.

2. Included in general and administrative expenses are the following transactions:

(a)	landscaping	$17,000
(b)	cost associated with the valuation of land	2,800
(c)	donations consisting of $63,000 to registered charities and $1,000 to registered political parties	64,000
(d)	premium for term life insurance policy on the president in which the company is the beneficiary and the policy is used as collateral for a bank operating line of credit	22,200
(e)	memberships in private clubs for senior executives	3,200
(f)	meals and entertainment with clients	12,000
(g)	cost of employee training seminar to teach employees about new provincial workplace safety laws	7,200
(h)	cost of seasonal holiday party to which all employees were invited	17,700
(i)	warranty provision (actual warranty costs: $18,000)	28,000
(j)	accrued bonuses, paid July 30, 2021	30,000

3. Included in interest expense on long-term debt and other interest are the following transactions:

(a)	bond interest paid to November 30, 2020 bond interest accrued to December 31, 2020	$10,000 950
(b)	interest on deficient income tax instalments interest on late municipal property taxes	1,200 500

4. CCA for the year has been correctly calculated to be $180,000

5. The balances in the following tax accounts on January 1, 2020 were:

non-capital loss carry forward from 2018	97,000
net capital loss from 1999	1,800

Required:

Prepare the requested reconciliation and compute net income for tax purposes, and taxable income. List under the heading Omitted, with a very brief explanation why, any of the above items which were omitted from the reconciliation.