Sheila Ram is a professional engineer. In $2023,$ she sold her consulting business and retired. Her financial information for $2023$ is outlined below.

On January $1,$ Sheila sold her engineering consulting business to a senior employee. The business had been operated as a franchised proprietorship with a December $31$ fiscal year end. The following assets were sold.

Original cost Price

Goodwill $36,00042,000$

Franchise $45,00052,000$

Library $3,0001,500$

Office equipment $10,0003,000$

The sale agreement called for cash proceeds for all assets, except the franchise, which required a down payment of $$22,000$ at closing with the balance payable on June $30,2024.$

The accounts receivable of $$99,000$ were not sold but were retained by Sheila for collection. During the year, she collected $$90,200$ of the receivables. The remainder is uncollectible.

On August $15,$ She paid $$4,000$ to a former employee for a bonus awarded on December $31,2022.$

A review of Sheila$$s $2022$ income tax return showed the following.Required:

Determine Sheila's net income for tax purposes for $2023.$ Assume Other Deductions total $$3,000.$

Undepreciated capital cost:

Class $85,800$

Class $1422,000$

Class $14\mathrm{.}133,000$

Reserve for bad debts $11,000$

Unused listed personal property loss $800$

In January, Sheila sold her home for $$230,000.$ She had acquired the house in $2016$ for $$200,000.$ In May, she sold her Ontario vacation home, which she had acquired in $2019$ for $$50,000,$ for $$140,000.$ She also sold an oil painting for $$1,300$ that originally had cost $$500.$

Sheila received $$25,000$ from the sale of her $10\%$ interest in Q Ltd$.,$ a Canadian$-$controlled private corporation. She had purchased the shares in $2016$ for $$55,000.$ Q operates a small manufacturing business, and at the time of sale, its assets were appraised as follows.

Working capital $ $200,000$

Manufacturing assets $300,000$

Goodwill $100,000$

Government bonds $($three$-$year term$)200,000$

Sheila withdrew $$49,500$ from her RRSP during the year.