Mega Ltd$.,$ which has a May $31$ year$-$end, had its factory vandalized in August $2023.$The vandals managed to completely destroy a valuable piece of machinery. This was a custom$-$designed manufacturing asset included in class $53$ and is the only asset in the class. The destroyed machinery had an original cost of $$500,000$ and a May $31,2023,$ undepreciated capital cost of $$187,500.$ Mega received insurance proceeds of $$345,000$ for the destroyed machinery. Due to advances in technology, a new machine cost only $$280,000$ and was in place for use by December $1,2023.$ What is the impact on income for tax purposes to Mega for its taxation year ended May $31,2024,$ in respect of the above machinery?