AntonMiller is the sole shareholder ofMiller EnterprisesLtd., a small retail shop selling locally made arts and crafts. The shop has been in operation for several years and has a calendar fiscal year.

Antonprovides you with the Income Statement for the corporation for December 31 of the current year.

Miller Enterprises Ltd.
Income Statement
For the year ended December 31
Income
Sales		$605,000
Cost of sales	$46,000
Opening inventory	240,000
Purchases	286,000
Closing inventory	56,000
Total Cost of Goods Sold		230,000
Gross profit		375,000
Expenses
Accounting and legal expenses (Note 2)	4,150
Advertising and promotion expenses (Note 3)	5,300
Depreciation expense (Note 4)	26,600
Automobile expenses	7,300
Bad debts expense (Note 5)	3,800
Insurance expense (Note 6)	6,990
Interest expense	19,200
Office expenses (Note 7)	10,000
Rent expense	34,000
Wages and benefits expenses (Note 8)	104,000
Total expenses		221,340
Net income		$153,660

1.	Miller Enterprises Ltd. is a small business corporation operated by the soleshareholder, Anton Miller
2.	Accounting and legal include legal fees related to Anton's dispute in regards to a personal car accident in the amount of $2,120.
3.	Advertising and promotion include'Meals andEntertainment' costs in the amount of $4,220.
4.	Information for Capital Cost Allowance(CCA) purposesthe Un-depreciated Capital Cost(UCC) on December 31 of the prior year was asfollows: Class 8(Office & GeneralEquipment): $45,250 Class 10(Automotive Equipment): $24,600.
5.	The company has set up an allowance for doubtful accounts based on a review of the Accounts Receivable on December 31 of the current year. This is a procedure that the proprietorship follows every year.
6.	Insurance includes life insurance premiums for AntonMiller in the amount of $3,800. This life insurance policy is required as collateral for the business bank loan.
7.	Office expenses include the $6,000 purchase of laptop computers on January15
8.	Wages and benefits include the clubdues /membership fees paid to the Royal Oak Club in the amount of $6,040. The club dues are paid for the five managers who take clients to the Royal Oak Club regularly for business purposes.

Calculate the net business income forMiller Enterprises Ltd. for the current year.

Calculate the net business income for Miller Enterprises Ltd. for the current year.

(Round your answers to the nearest wholedollar.)

Net income
Legal fees
Disallowed meals and entertainment expenses
Depreciation expense
Club dues/membership fees
Less: CCA
Laptop computers
Net business income