1. Polytech Inc. calculated its Net Income for its Dec. 31st, 2019, year-end as follows:Revenues $1,000,000Other income 100,000 AExpenses:Cost of Goods Sold ($300,000) BSelling and Administrative Costs (150,000) CAmortization Expense (175,000) DOther Expenses (125,000) (750,000) EIncome Before Tax Expense $350,000Income Tax Expense: (75,000)Net Income $275,000Other Information:A. Other income consists of a capital gain.B. Cost of Goods Sold includes:$ 15,000 in lower of cost or market adjustmentC. Selling and Administrative Costs includes:$ 30,000 in club memberships for senior management$ 1,000 in interest on late tax installmentsD. Polytech Inc. amortizes the following assets:· Building, 95% manufacturing use, 5% office use, with an ACB of $1.5 million and a UCC of $1.2 million on Jan. 1, 2019.· Warehouse leased in 2014 for a 10-year term with an option for two 5-year renewals. Leaseholds improvements were made in 2014 for $100,000 and 2016 for $40,000.· Manufacturing equipment (class 8) with a cost of $200,000 and a UCC on Jan. 1st, 2019, of $140,000. In December the company sold equipment for $500,000 which was originally purchased for $400,000. Replacement equipment was also purchased in December for $650,000.E. Other Expenses include:$ 4,000 in 2019 year-end bonuses, paid on July 1st, 2020$ 2,000 in bond amortization$ 4,000 in incorporation costs(1) Calculate minimum Net Income For Tax Purposes for the year ended Dec. 31, 2019;(2) End of year tax account balances.(3) Explain adjustments to GAAP income and any amounts that are unadjusted.