In $2023,$ Dr$.$ Avery Jackson has land with an ACB of $$600\mathrm{.}000.$ It is expropriated by the local municipality. Compensation, which is agreed to and paid immediately is $$1,100,000.$

Replacement land is acquired in the same year at a cost of $$1,200,000.$

Required $$

Compute the minimum income that must be reported for the corporation$$s $2023$ taxation year after the above event. Indicate the ACB of the new land.