The following information has been provided to you from Irene. Irene has an electrical company which she has been operating for the past decade. The business is not incorporated and has a December 31, year-end. The following statement has been provided for 2022: Revenue Gain on sale of investments Total revenue and other in come Expenses Advertising Bad debt expense Depreciation Interest and bank expenses Meals and entertainment Professional fees Rent Repairs and maintenance Travel Wages and benefits Total expenses Net in come before taxes Provision for income taxes Net income after taxes current and future . $ 8,500 $3,200 $19,000 $ 12,000 $9,500 o Golf game fees with customers $4,500 o Dinners with customers $3,500 $ 1,000 $ 15,000 $ 7,700 $ 2,650 $112,000 $ $ $ $ You have also been provided some notes on the above information: The investments were various stocks and bonds which were sold at a profit. The business donated to various charities, $2,500. This was recorded in the advertising expense account. Bad debts include uncollectable amounts of $1,500 which were written off in the year. CCA for the assets used in the business has been calculated and AII has been correctly applied. The total calculated is $27,000. Interest and bank expenses are made up of the following expenses: o Fees paid to obtain various loans $3,200 o Interest paid to CRA for late income tax payments and filings $1,200 o Interest on various loans $7,600 Meals and entertainment are made up of the following expenses: o Season tickets for hockey season $1,500 $450,000 $14,500 $464,500 190,550 273.950 (40,000) 233,950 Repairs and maintenance expense amount includes an accounting warranty estimate of $6,000. Actual warranty paid in the year was $5,000. The wages and benefits amount includes $10,000 of bonuses which will not be paid until September of 2023. Required: You will need to calculate the BUSINESS net income for tax purposes for 2022. Start with the net income after taxes figure. Then make the necessary adjustments and make supporting notes (1, 2, 3, etc.) to explain why something should stay in the financial statements, or why it should be adjusted. You can refer to an ITA section and explain the tax guidance. Net income per accounting Items to add back Item 1 - Item 2 - Items to deduct Item 1 - Item 2 - Net income (business income) for tax purposes Supporting Notes Note 1 $ ** 9 Amount Explanation and/or ITA section support ITA - section: ITA - section: ITA - section: ITA section: If something was NOT adjusted above, you should explain WHY and any relevant ITA section You MUST show your detailed calculations in excel. NOT copy and paste from a past excel. However, you can copy/paste this format template above. Answers that look like they were copied from a previous excel solution will not be marked and will be awarded a o.