For the taxation year ending December 31, 2022, the income statement of Markham Ltd., prepared in accordance with ASPE, is as follows:

MARKHAM LTD
2022 FINANCIAL INCOME STATEMENT
REVENUES			973,000
Expenses:
	Cost of Goods Sold	(272,000)
	Selling and Administrative Costs	(132,000)
	Amortization Expense	(156,000)
	Other Expenses	(137,000)	(697,000)
Income before Income Tax Expenses			276,000
Income Tax Expense:
	Current	(97,000)
	Future	(32,000)	(129,000)
	2022 NET ACCOUNTING INCOME		147,000

OTHER INFORMATION

The Company spent $6,000 during the year on landscaping for its new building. For accounting purposes, this was treated as an asset. The Company will not amortize this balance as it believes the work has an unlimited life.

Selling and Administrative Costs include:

Meals & Entertainment of $15,000.

Membership fees $3,400 for several employees in a local golf and country club.

$3,500 in food costs for Angie (major shareholder) personal chef at home.

$2,500 for the annual stampede breakfast for all staff

Accrued bonuses paid July 31, 2022, $7,000

Cost of sponsoring local soccer teams 7,200

Other Expenses include:

Donations to registered charities totalling $3,700.

Other Expenses include bond discount amortization of $2,500.

$6,000 for a number of amendments to its articles of incorporation.

Interest on late income tax instalments of $500 and on late municipal tax payments of $275.

Maximum CCA has been determined to be $94,200 for the current taxation year.

Cost of Goods Sold includes:

Warranty provision of $2,800

Reserve for decline in value of marketing material of $1,300

REQUIRED

Determine Markham Ltd.'s 2022 net income.