Ziggy's Inc. is a clothing retailer. An income statement for Ziggy's Inc. for its year ended December $31,2023$ follows. Ziggy's Inc. Income Statement Sales unaudited Cost of sales Gross profit General and administrative expense Amortization Loss on sale of equipment Other Income before income taxes Income tax expense Net income General and administrative expenses include the following amounts paid to Sun Insurance Limited during the year: the four full$-$time employees $$1,200$ Cost of goods sold includes a charge of $$1,800$ to set up an allowance for returns $($at $0\mathrm{.}1\%$ of sales$)$ that are not subsequently saleable at full retail price. No such allowance was recorded last year$-$end because the company only discovered that the allowance was necessary this year. $ $1,832,000(1\mathrm{.}439\mathrm{.}000)393,000(279,000)(40,000)(5,000)(2\mathrm{.}000)60,000(13,000)$ $ $47,000$Cost of goods sold includes a charge of $$1,800$ to set up an allowance for returns $($at $0\mathrm{.}1\%$ of sales$)$ that are not subsequently saleable at full retail price. No such allowance was recorded last year$-$end because the company only discovered that the allowance was necessary this year. General and administrative expenses include the following amounts paid to Sun Insurance Limited during the year: Group term life insurance for the four full$-$time employees $$1,200$ $$200,000$ term life insurance policy on the president, which was included in the "Insurance" expense account Ziggy's Inc. is the beneficiary of the insurance policy on the president. $600$ The following selected information was taken from the "Promotions" account: Sponsorship of local hockey team $$1,800$ Meals and entertainment incurred by the owner while negotiating with suppliers $2,000$ Two customer and one staff party$-$ @ $$4,000$ each $12,000$ Other expenses deducted in the financial accounting computation of income include: Interest on the loan and operating line of credit $5,500$ Interest on insufficient income tax instalments $400$ Damages under a breach of contract suit initiated by a supplier $1,500$ Landscaping of the strip mall premises $15,000$You have correctly determined that Ziggy's Inc. is entitled to a $$50,000$ capital cost allowance$/$ cumulative eligible capital amount claim in $2023.$ Required: Compute income from business for Ziggy's Inc. for $2023.$ Comment briefly on why any items were omitted from the calculation. $(17$ marks, $23$ minutes$)$