Question 1 Assignment 1 Summer 2018 Deborah's Party Planners Limited provides start-to-finish party planning services for all occasions.

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.