BUSINESS INCOME (Net Income for Tax Purposes) CANADIAN TAXES

Brisbane Boomerang Company had accounting net income of $385,000 for the December 31, 2022, year-end. The following information pertains to the company for 2022:

1. The owner's spouse was paid $45,000 to act as an admin assistant to the owner/president of the company. Wages expense also includes wages paid to two other assistants who earned $47,500 each during 2022.
2. Meals and entertainment for the year amounted to $4,500. Included in this amount was $1,000 paid for the company Christmas party. Just the company executives were invited to the party.
3. Amortization expense for the year was $16,400.
4. CCA was correctly calculated as $13,000 for 2022.
5. The company's marketing executive was provided with a golf membership at the Royal Lanark Golf Club to be used exclusively to entertain clients. The cost of the membership was $7,500.
6. Included in the calculation of accounting net income was a deduction for two conventions at a cost of $1,500 each. Meals and entertainment costs of $400 (total) was included in these costs.
7. Brisbane supports the local college writing competition with an annual sponsorship of $2,500 every year. This amount was deducted as an expense in the accounting records.
8. The company also donated $5,000 to a local charity and deducted it in the accounting net income.
9. A review of the general ledger for Repairs and Maintenance expense revealed the following items: (all of these items were capitalized and amortized in the accounting records)
   1. New heating system for the office $18,500.00
   2. A new transmission for the delivery van, $7,800.00
   3. Landscaping costs of $12,300.00
   4. Painting the company offices, $4,200.00

Required: For Brisbane Boomerang Company's 2022 taxation year, determine net income for tax purposes.  

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