Samson Enterprises Ltd. achieved a profit in 20X1 of $120,000.The income statement is summarized below. Sales ……………………………….. $1,300,000 Cost of sales……………………………….. 780,000 Gross profit ……………………………….. 520,000 Administrative and selling expenses …… XXXXXXXXXX,000 ………………………………..………… 69,000 Other income (expenses) ………………. 51,000 Net income before tax …………………… $ 120,000 Certain details of the summarized income statement are provided below. 1. Administrative and selling expenses include the following: (a) Donations to registered charities $ 3,000 (b) Amortization/depreciation of tangible assets 12,000 1: At the end of the previous year, the undepreciated capital cost of certain asset classes was as follows: Class 1………….. $80,000 Class 8………….. 32,000 Class 10………….. 50,000 2: During the current year, the company sold its land and building for $150,000 (land $40,000, building $110,000) and moved into leased premises. The original cost of the property was $130,000 (land $30,000, building $100,000).The building had an accounting book value of $70,000 at the time of sale. (c) Legal fees: • Settling a dispute relating to the purchase of defective merchandise for sale 4,000 • Reorganizing the corporation’s share capital 8,000 (d) Amortization 9,000 3: The company owns several pieces of equipment. During the year, one unit that originally cost $10,000 and had a book value of $6,000 was sold for $8,000. The current year’s amortization expense applies to a number of intangible assets. • During the previous year (20X0), the company took over a competitor and purchased goodwill for $40,000 and a franchise (unlimited life) for $10,000. • During the current year, the franchise was sold for $8,000 when its book value for accounting purposes was $9,000. In addition, the company purchased an existing patent from a competitor for $20,000.The patent with a remaining legal life of 10 years was purchased on the first day of the current year. 2 Other income (expenses) includes the following: Gain on sale of land…………………………….. $10,000 Gain on sale of building…………………………… XXXXXXXXXX,000 Gain on sale of equipment ………………………… 2,000 Loss on sale of franchise …………………………….. (1,000) ……………………………..……………………… $51,000 Required: Determine the net income for tax purposes of Samson Enterprises for the 20X1 taxation year.