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

1. 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	32,000	46,000
Franchise	55,000	60,000
Library	5,000	2,500
Office equipment	7,000	1,000

The sale agreement called for cash proceeds for all assets, except the franchise, which required a down payment of $26,600 at closing with the balance payable on June 30, 2024. The accounts receivable of $119,800 were not sold but were retained by Sheila for collection. During the year, she collected $109,100 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 Sheilas 2022 income tax return showed the following.

Undepreciated capital cost:
Class 8	4,800
Class 14	18,000
Class 14.1	29,000
Reserve for bad debts	13,300
Unused listed personal property loss	800

1. 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 $1,100 that originally had cost $300.
2. Sheila received $15,000 from the sale of her 10% interest in Q Ltd., a Canadian-controlled private corporation. She had purchased the shares in 2016 for $66,600. 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

1. Sheila withdrew $60,000 from her RRSP during the year.

Required: Determine Sheilas net income for tax purposes for 2023. Assume Other Deductions total $3,000.

Paragraph 3(a) Income \begin{tabular}{|c|c|c|} \hline & P & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} Paragraph 3(a) total Paragraph 3(b) Capital gains \& capital losses Paragraph 3(b) subtotal allowed Paragraph 3(c) Other deductions Paragraph 3(d) Losses Net Income for Tax Purposes