Rentovation is a real estate developer. The company rents head office space in Vancouver and owns an office space in Burnaby. The company's accounting net income, under ASPE, was $100,000. The accountant provided you with the following information about their net income figure: • The company's rent expenses included $30,000 paid for Vancouver head office rent. • The company paid property taxes of $25,000 on its Burnaby office during the year. • The company incurred interest of $500 on the late payment of its property taxes. • The company incurred a penalty of $200 on the late payment of its income taxes. • The company had 7 office socials during the year where all employees were invited: 1 @ $200 each, 4 @ $600 each, 2 @ $800 each. Calculate net income for tax purposes (NIFTP)