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Question Greyon Inc. operates an active business. Financial statements for... 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. Greyon's net income is summarized as follows: Income from business operations $280,000 Gain on sale of capital assets 15,000 Interest on a bond investment 5,000 Income from Financial Statements $300,000 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 $500,000 Heating and cooling systems 80,000 Landscaping of grounds 20,000 $600,000 3. Legal expenses include $2,000 for drafting the mortgage document for the new warehouse, $1,000 to investigate a zoning limitation on the new warehouse site, and $5,000 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 $30,000 as deducted from the income from business operations. 5. A management bonus of $60,000 was announced and accrued in September. The bonus was paid in two equal instalments 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 $41,000 Charitable donations 6,000 Volume rebates and discounts on purchases 13,000 Architect's fee for design of new warehouse building 25,000 7. Advertising and promotion includes $20,000 for airing a TV commercial, $30,000 for production of the TV commercial, $5,000 for club memberships in a sports-related facility to enhance business contacts and $12,000 for acquiring a permanent mailing list for seeking new customers. 8. Capital cost allowance has been correctly calculated as $58,000. Required: 1. Determine Greyon's Net Income from Business for tax purposes for the 2020 taxation year. 2. Determine Greyon's Net Income for Tax Purposes for the 2020 taxation year. Question Greyon Inc. operates an active business. Financial statements for... 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. Greyon's net income is summarized as follows: Income from business operations $280,000 Gain on sale of capital assets 15,000 Interest on a bond investment 5,000 Income from Financial Statements $300,000 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 $500,000 Heating and cooling systems 80,000 Landscaping of grounds 20,000 $600,000 3. Legal expenses include $2,000 for drafting the mortgage document for the new warehouse, $1,000 to investigate a zoning limitation on the new warehouse site, and $5,000 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 $30,000 as deducted from the income from business operations. 5. A management bonus of $60,000 was announced and accrued in September. The bonus was paid in two equal instalments 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 $41,000 Charitable donations 6,000 Volume rebates and discounts on purchases 13,000 Architect's fee for design of new warehouse building 25,000 7. Advertising and promotion includes $20,000 for airing a TV commercial, $30,000 for production of the TV commercial, $5,000 for club memberships in a sports-related facility to enhance business contacts and $12,000 for acquiring a permanent mailing list for seeking new customers. 8. Capital cost allowance has been correctly calculated as $58,000. Required: 1. Determine Greyon's Net Income from Business for tax purposes for the 2020 taxation year. 2. Determine Greyon's Net Income for Tax Purposes for the 2020 taxation year