Sally Smith is the sole propriertor of Always Been Content (ABC). The following information is taken from the financial statements of ABC for its fiscal year ended December 31, 2021. ABC Income Statement For the Year Ended December 31, 2021 Sales $250,000 Cost of goods sold (105,000) Gross profit $ 95,000 Selling expenses $30,000 General and administrative expenses 20,000 (50,000) Net income $ 45,000 Included in sales for the year is a deposit of $5,000 received from a customer for goods that will be delivered next year. The following items were deducted in arriving at the above net income: During the year, a warehouse worker managed to remove valuable inventory worth $1,000 during the night shift by taking it out in his lunch box. Late in the year, it became apparent that during the next year new competitive products would come on the market which would drive the price of ABCs products down. They expect this decline to take place in about six months. As a result, they decided to set up a reserve for a decline in the inventory value in the amount of $8,000. They have never set up this kind of reserve before. Because ABCs products come back for repair under their warranty program, they set up a reserve for this expense on their financial statements. Last year the reserve was $6,000. This year they increased the reserve to $12,000. Charitable donations were made in the amount of $7,000. Golf club membership fees in the amount of $3,000 were paid for the sales manager who used the club regularly to close sales. The sales manager incurred expenses related to meals and entertainment at the golf club in the amount of $1,500 Management bonuses of $15,000 were accrued at December 31, 2021 ($5,000 was paid at May 31, 2022; $10,000 was paid on June 30, 2022). The December holiday banquet for the employees cost $9,000. ABC had a dispute with one of its major suppliers over the use of the supplier's product. As a result of a court decision, the supplier was awarded damages for breach of contract in the amount of $8,000. In order to raise money for expansion, Sally mortgaged the real estate she used in the business. She incurred accounting and appraisal fees of $2,000 related to this financing. The mortgage has a 10-year term and a 30-year amortization period. Instead of borrowing money at the bank, Sally decided to pay her income tax instalments late. This resulted in an interest charge from the Canada Revenue Agency in the amount of $500. Business interruption insurance premiums of $3,000 were paid to protect ABC in the event a fire forced them to close for a period of time. Computer software costing $1,000 related to word processing was expensed because they always bought the upgrades each year. Amortization expense on the fixed assets was $15,000 CCA was correctly calculated as 20,000 Required: Based on the foregoing information, compute the minimum income from business for tax purposes for ABC in respect of its 2021 fiscal year. In addition, comment on the items not included in your reconciliation of income from business. Use the template provided.