PROBLEM SEVEN Window Shine Ltd. was incorporated on July 1, 2020, and purchased an existing business on the same date. The purchase included the following assets: Delivery truck Goodwill Franchise $40,000 12,000 10,000 Immediately after incorporation, the company moved into leased premises, having signed a lease for three years with an option to renew for an additional three. Rental payments of $2,000 per month began in July. The premises required alterations, and in July, the company incurred costs of $15,000 for these. The franchise that was purchased for $10,000 has a remaining legal life of five years. At the end of the five-year period, the franchise may be renewed at a nominal cost only if the franchiser is satisfied with the performance of the franchisee. The company's fiscal year end is June 30, 2021. A brief financial statement for this first year of operations is presented below. $124,000 Revenue Expenses: Wages Office Building improvements Rent Delivery expense Incorporation costs Amortization/depreciation (truck) Amortization of goodwill Amortization of franchise Other Net income for the year $26,000 4,000 15,000 24,000 4,000 3,000 6,000 2,000 2,000 12,000 98,000 $ 26,000 Required: Determine the corporation's business income for tax purposes for 2021