Provided below is the statement of income for ABC Inc. for the periodOctober 1, 2018 to September 30, 2019 as well as additional information relating to the preparation of this statement.ABC Inc.Statement of IncomeFor the period October 1, 2018 to September 30, 2019Revenue $15,800,000Operating Expenses:Rent 1,350,000Advertising expense 1,105,000Bad Debts 179,000Salaries and wages 3,800,000 Interest 3,150,000Accounting and legal 195,000Meals and entertainment 1,300,000Amortization 750,000Repairs and maintenance 500,000Automotive 2,120,000 Net Income from Operations 1,351,000 Gain on disposal of asset 350,000Net income before taxes 1,701,000Income Taxes 635,000Net Income $1,066,000Additional Information relating to the preparation of the statement of income for the period: -Included in salaries and wages is a bonus accrual to the shareholder in the amount of $1,000,000. This amount was paid to the shareholder with appropriate source deductions (Income tax, CPP) on March 21, 2020. -Included in interest expense is $23,500 of interest paid to CIBC for bank fees. -During the period the company sold its land and building and moved into rental space. The company received $2,500,000 for the sale of the land and building. The land and building had an original cost of $200,000 and $1,050,000, respectively. The undepreciated capital cost (UCC) of the building at October 1, 2018 was $875,000. -For the period, the company is eligible to claim CCA of $340,000 on assets in various classes.REQUIRED: -Calculate ABC Inc. taxable income for the period.LawSocial ScienceTax law ACCT 3610
