Table linens
3,000
25,000
8,190
During 2017, Deborah’s Party Planner Limited purchased the client list from a competitor who was going out of business. They paid $12,000 for this list which had an indefinite life.
Required:
Calculate the corporation’s minimum income from business for the year ended December 31, 2017. Assume all expenses are reasonable in the circumstances. Support your treatment of each item listed above with a reason or a calculation.
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