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. 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 seginning 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 n 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 varehouse was constructed. New land was purchased in January 2024 for $200,000. Construction of the new warehouse would be completed by July 2024. -oss 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. egal 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. Required: Calculate Zefer's net income for tax purposes for the 2023 taxation year