For the year ended August $31,2023,$ Zefer Ltd$.,$ a Canadian$-$controlled private corporation, reported a net income before income taxes of $$600,900.$ The statement of income is summarized in the following chart. Income from operations $ $505,800$ Other income: Interest $6,700$ Net gain on sale of assets $88,400$ Net Income per Financial Statements $ $600,900$ The net gain on the sale of assets consists of the following amounts. Gain on sale of franchise $$ $$35,000$ The franchise to operate a retail store was acquired seven years previously at a cost of $$110,000.$ It was sold in $2023$ for $$170,000.$ The sale proceeds included a cash down payment of $$20,000,$ with the balance payable in six annual instalments of $$20,000$ plus interest beginning in $2024.$ The franchise, which qualified as a class $14$ asset, had an undepreciated capital cost of $$122,400$ at the time of the sale and was the only asset in its class. Gain on sale of warehouse property $$ $$80,000$ In July $2023,$ a warehouse property was sold for cash proceeds of $$430,000($land $-$ $$180,000$; building $$ $$250,000).$ The property had an original cost of $$370,000($land $$ $$60,000$; building $$ $$310,000).$ The building, which was the only asset in Class $1,$ had an undepreciated capital cost of $$290,000.$ After the sale of the warehouse, temporary premises were leased until a new, larger warehouse was constructed. New land was purchased in January $2024$ for $$200,000.$ Construction of the new warehouse would be completed by July $2024.$ Loss on sale of shares of subsidiary $$ $$26,600$ Zefer sold shares of a subsidiary corporation for cash proceeds of $$599,000.$ The shares were acquired five years ago for $$625,600.$ Legal fees of $$2,600$ were paid to draw up the sale agreement and were charged to the legal expense account. Required: Calculate Zefer$$s net income for tax purposes for the $2023$ taxation year.