Cheapies Ltd. is a Canadian controlled private corporation (CCPC). For tax purposes the Company has a December 31 year end. For the taxation year ending December 31, 2020 the Company had accounting income calculated in accordance with GAAP of $800,000. Other information related to the income for that year is as follows:

1. The Company deducted amortization expense of $50,000. It has been determined that the maximum CCA that is deductible for the year is $75,000. The Company intends to deduct this amount.
2. For accounting purposes the Company establishes a warranty reserve based on estimated costs. On January 1, 2020 the warranty reserve balance was $5,000. On December 31, a new reserve balance was established of at $7,500.
3. The Company deducted $11,000 in charitable donations during the year.
4. The Company deducted $25,000 in meals and entertainment for the year. It also deducted a $10,000 initiation fee for a corporate membership at Saddle Golf and Country Club.
5. In 2020 the Company sold a building and the land upon which it was situated. The cost of the building, excluding the value of the land, was $350,000 and its UCC at the time of sale was 200,000. It was the only asset in the class. The building, excluding the value of the land, was sold for $600,000. In recording the transaction in its accounting records the Company recorded a gain of 300,000. The land upon which the building was situated was sold for its cost.
6. The income tax expense was $75,000 including $8,000 for future income tax expense.
7. The Company deducted $10,000 for landscaping its headquarters in calculating accounting income.

Required: Determine the corporations minimum Net Income For Tax Purposes for its 2020 taxation year. If an item is excluded from your calculation put NIL for that item