Window Shine Ltd. was incorporated on July 1, 20X1, and purchased an existing business on the same date. The purchase included the following assets:
Delivery trucks €¦€¦€¦€¦€¦€¦. $40,000
Goodwill €¦€¦€¦€¦€¦€¦€¦€¦.. 12,000
Franchise€¦€¦€¦€¦€¦€¦€¦€¦.. 10,000
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 20X1.The premises required alterations, and in July 20X1, the company incurred costs of $15,000 for these.
The franchise that was purchased for $10,000 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 company€™s fiscal year end is June 30, 20X2. A brief financial statement is presented for the first year of operations.

Required:
Determine the corporation€™s net income from business for tax purposes for the 20X2 taxation year.

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Revenue $120,000 Expenses Wages Office Building improvements Rent Delivery expense Amortization/depreciation (truck) Amortization of goodwill Amortization of franchise Other $26,000 4,000 15,000 24,000 3,000 6,000 2,000 2,000 12000 94000 Net income for the year $ 26,000