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Ayayal Corporation, a clothing retailer, had income from operations (before tax) of $300,000, and recorded the following before-tax gains/(losses) for the year ended December 31, 2020: 21,600 (43,200) Gain on disposal of equipment Unrealized (loss)/gain on FV-N investments (Loss)/gain on disposal of building Gain on disposal of FV-Nl investments (54,400) 26.400 Ayayai also had the following account balances as at January 1, 2020: $328,000 Retained earnings Accumulated other comprehensive income (this was due to a revaluation surplus on land) Accumulated other comprehensive income (this was due to gains on FV-OCl investments) 30,800 44,000 As at January 1, 2020, Ayayai had one piece of land that had an original cost of $142,000 that it accounted for using the revaluation model. It was most recently revalued to fair value on December 31, 2019, when its carrying amount was adjusted to fair value of $172,800. In January 2020, the piece of land was sold for proceeds of $172,800. In applying the revaluation model. Ayayal maintains the balance in the Revaluation Surplus (OCI) account until the asset is retired or disposed of In 2015, Ayayai purchased a portfolio of debt investments that the company intended to hold for longer term and classified the portfolio of investments as fair value through other comprehensive income (FV-OCI) with gains/losses recycled through net income The investments in the portfolio are traded in an active market. Ayayai records unrealized gains and losses on these investments as OCI, and then books these gains and losses to net income when they are impaired or sold. The portfolio's carrying amount on December 31, 2019, was $88,000. The entire portfolio was sold in November 2020 for proceeds of $100,800. Ayayai's income tax expense for 2020 was $79,200. Ayayai prepares financial statements in accordance with IFRS. Calculate net income for the year ended December 31, 2020, if Ayayai prepares financial statements in accordance with ASPE. Ayaya's income tax expense would not change. Ayayai Corporation Partial Statement of Income For the year Ended December 31, 2020 Income from Operations Other Revenues and Gains Gain on disposal of Equipment >