The following information is available for Sheffield Corporation for 2020.

1.		CCA that was reported on the 2020 tax return exceeded depreciation reported on the income statement by $176,000. This difference is expected to reverse in equal amounts of $44,000 per year over the period 2021 to 2024.
2.		Dividends received from taxable Canadian corporations were $25,300.
3.		Rent collected in advance on January 1, 2020 totalled $99,000 for a three-year period. Of this amount, $66,000 was reported as unearned for book purposes at December 31, 2020.
4.		The tax rates are 25% for 2020 and 30% for 2021 and subsequent years.
5.		Income taxes payable are $220,000 for 2020.

(a)

Calculate taxable income.

Taxable income

$enter Taxable income in dollars