For the year ending December $31,2023,$ the Income Statement of Polytech Ltd$.,$ prepared in accordance with generally accepted accounting principles, is as follows:

Revenues $$975,000$

Other Income $50,000$

Expenses:

Cost Of Goods Sold $($$$250,000)$

Selling And Administrative Costs $(130,000)$

Amortization Expense $(150,000)$

Other Expenses $(140,000)(670,000)$

Income Before Tax Expense $$355,000$

Income Tax Expense: $(61,000)$

Net Income $$294,000$

Other Information:

Other income is a capital gain realized on the sale or equipment.

Cost of Goods Sold includes:

$$10,000$ reserve for inventory declines

Selling and Administrative Costs includes:

$$24,000$ in business meals and entertainment

$$500$ in interest on late tax installments

Other Expenses includes:

$$15,000$ in golf club membership dues

$ $2,000$ in contributions to registered charities.

$ $1,000$ in bond amortization

The only assets owned by Polytech Ltd$.$ is manufacturing equipment $($class $8)$ with a total cost of $$1,800,000$ and a UCC on January $1$st$,2023,$ of $$1,200,000.$ During $2023$the company sold equipment for $$400,000($original cost $$350,000)$ and replaced it with equipment that cost $$600,000.$

Required:

Determine Polytech Ltd$.$s $2023$ minimum Net Income For Tax Purposes $($NIFTP$)$ and any tax account balances. Explain your adjustments to Net Income.