Karok Levine has provided you with the following informationpertaining to the 2020 tax year: The financialstatements for Karok's dental practice report a net income of $110,000. Amortization of$15,000 is reported in the expenses. Capital cost allowancehas been accurately calculated at $12,500 and has not been accounted for in thefinancial statements. Karok conducted scientific research and experimentaldevelopment (SR&ED) in 2020. $40,000 of the expenditures are qualified SR&EDactivities. These costs are currently reported as capital items on the balancesheet. Karok has a smallhobby farm in the country, which recognized a loss of $9,000 in 2020. Required: Calculate Karok's minimum net income for tax purposesfor 2020