were deducted in determining the financial statement net income.

Income tax expense $-$ $$150,000.$

Contributions to various registered charities $-$ $$6,000$

Amortization expense $-$$$160,000$

Advertising expense $-$ $$30,000$ for advertising in the Detroit, USA newspaper. The advertising was directed at selling the company's products in the north eastern part of the United States.

Warranty reserve $-$ $$38,000.$ The company provides warranties on several of its products. The reserve is calculated as a flat percentage of sales for $2023.$

Meals and entertainment $-$ $$18,000$

with the lease and the lease payments do not include any amounts for insurance or licensing. The lease commenced January $1,2023.$

amortization is included in the amortization expense of $$160,000,$ above.

amortization is included in the amortization expense of $$160,000,$ above.

The following items were also expensed in the income statement:

Loss from theft by an employee who worked in the Inventory department $$19,000$

Cost incurred in connection with negotiations for a new bank loan $$9,000$

Cost incurred in connection with the acquisition of shares of another company $$15,000$

The maximum CCA for the year has been correctly determined to be $$290,000$

Required:

Calculate the business income for tax purposes for $2023.$ Indicate why you have not included any of the above items in your calculation. Assume that business income is the company's only source of income.