Window Shine Ltd. was incorporated on July 1, 2019, and purchased an existing business on the same date. The purchase included the following assets:

Delivery trucks	$53,200
Goodwill	15,400
Franchise	15,000

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 $24,000 for these.

The franchise that was purchased for $15,000 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 companys fiscal year end is June 30, 2020. A brief financial statement is presented for the first year of operations.

Revenue		$124,000
Expenses:
Wages	$26,000
Office	4,000
Building improvements	24,000
Rent	24,000
Delivery expense	4,000
Incorporation costs	3,000
Amortization/depreciation (truck)	15,960
Amortization of goodwill	5,000
Amortization of franchise	5,000
Other	12,000	122,960
Net income for the year		$ 1,040

Required:

Determine the corporations net income from business for tax purposes for the taxation year ending June 30, 2020.