this is question of taxation

Required: Determine the amount by which the preceding items will reduce the net income for tax purposes of Mead Pipes Ltd. for 20X1. When an item has been totally excluded from your calculation, provide a brief reason why, PROBLEM SIX Central Products Ltd. is in the process of completing its 20xo financial state- ments and tax return. A junior accountant has given you a list of items that he does not know how to treat for tax purposes. The list includes the following eight items: $120,000 8,000 60,000 1. Purchase price of a patent giving the company exclusive rights to manufacture a product 2. Cost of annual dues to a golf club for three senior salespeople to entertain existing and potential customers 3. The union contract expired four months before the year end and bargaining is still in process. A 3% wage increase is expected, and the company has recorded a reserve to cover the four month period 4. Legal fees paid for making a representation to a provincial government against a proposal to introduce a payroll tax 5. Donations paid to a registered charity 6. Advertising in a foreign trade newspaper that was distributed to Canadian customers 7. Travel costs (airfare and lodging) for a senior executive to visit a foreign supplier to inspect and sign a purchase agreement for a new manufacturing machine. The machine was delivered and used in 20X0 8. Legal, accounting, and printing costs to prepare a prospectus offering common shares for sale to the public 15,000 10,000 4,000 3,000 32,000