Window Shine Ltd. was incorporated on July 1, 2022, and purchased an existing business on the same date. The purchase included the following assets:

Delivery trucks	$	48,400
Goodwill		14,000
Franchise		14,000

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 $21,000 for these.

The franchise that was purchased for $14,000 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, 2023. A brief financial statement for this first year of operations is presented in the following chart.

Revenue				$	124,000
Expenses:
Wages	$	26,000
Office		4,000
Building improvements		21,000
Rent		24,000
Delivery expense		4,000
Incorporation costs		3,000
Amortization/depreciation (truck)		14,520
Amortization of goodwill		4,000
Amortization of franchise		4,000
Other		12,000			116,520
Net income for the year				$	7,480

Required: Determine the corporations business income for tax purposes for 2023. Assume none of the assets are designated as immediate expensing property.