A company’s net income for financial statement purposes is $300,000. Included in this amount are the following: $40,000

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A company’s net income for financial statement purposes is
$300,000. Included in this amount are the following: $40,000 gain
from the sale of Class 8 equipment for $60,000 that had an original
cost of $33,000, and a net book value of $20,000; amortization
expense of $25,000; and client entertainment expenses of $13,000.
The UCC of Class 8 at the beginning of the year was $8,000. The
capital cost allowance (CCA) computed on all other depreciable
assets was $7,500. What is the net income for tax purposes?
Multiple Choice
$337,500
$322,500
$304,000
$297,500