The following information is taken from the financial statements and audit working papers of The Very Large Corporation (The Company") for its fiscal year ended July 31, 2019. The Company is involved in the buying and selling of stuff. The Very Large Corporation Condensed Unaudited Income Statement For the Year Ended July 31, 2019 $16,650,000 (14.050.000) $ 2,600,000 $975,000 195.000 Sales Cost of goods sold Gross profit Selling expenses General and administrative expenses Net income before provision for income taxes Provision for income taxes current future Net income after tax (1.170.000) $ 1,430,000 $220,000 310.000 (530,000) $ 900.000 The following items were deducted in arriving at the above net income after tax: 1. Included in the sales for the year, is a deposit of $8,200 that was received from a customer for goods that will only be delivered next year. 2. The Company expects new competitive products to affect their margins, so management decided to set up a reserve in the amount of $17,000 for a decline in the Company's inventory value They have never set up this kind of reserve before. 3. Charitable donations were made in the amount of $9,000. 4. Annual golf club membership fees in the amount of $1,600 were paid for the sales manager who used the club only for the purposes of closing sales deals. 5. The sales manager incurred $2,300 of expenses related to meals and entertainment at the golf club. 6. Management bonuses of $92,000 were accrued at July 31, 2018. Of this amount, $27,000 was actually paid on December 31, 2018 and the balance was paid on June 30, 2019. 7. The December holiday banquet for all the employees cost $15,000 but due to a flu that was going around at that time, only 75% of the employees showed up. 8. To raise money for expansion, the Company mortgaged the real estate it used in the business. The Company expensed $7,000 in bank fees that were required to arrange for this financing. The mortgage has a 10-year term and a 30-year amortization period. 9. The Company expensed $750 commissions charged by the broker when it purchased shares of BCE 10. During the year, the Company acquired new equipment from a supplier who provided in-house financing. The interest expense related to this purchase from the supplier was $21,000. 11. This Company paid $900 interest on deficient income tax instalments. 12. On October 1, 2018, the Company bought 2 state-of-the-art computer desks for $2,500 and due to the Company's very conservative Controller, expensed the entire amount. 13. The Company repainted the new office building paid $20,000. This expenditure was capitalized as part of the building cost. 14. Amortization expense on the fixed assets was $66,000 whereas the CCA was calculated to be $106,000 Required: In a concise point form Schedule 1 format, compute the minimum net income for tax purposes- (Division B income) for The Very Large Corporation for the year ended July 31, 2019. You must also not all items that had no effect on your computation