Irene owns two residential rental properties and purchased a third in 2020. Details related to the properties are as follows:

Total rent received ($4,000 is a deposit in respect of next year) 24,000

Total expenses to earn rental income, excluding CCA 16,000

Building #1 opening UCC 72,000

Building #2 opening UCC 180,000

Proceeds of disposition on building #1 on April 30, 2020 120,000

Original cost of building #1 80,000

Cost of new rental building purchased on May 1, 2020 (land excluded) 250,000

Compute the minimum rental income for Irene in 2020 in respect of her rental operations.