During its first taxation year (of 365 days) which ended December 31, 2016, Logic Ltd., a Canadian-controlled private corporation, reported the following incomes:

The corporation carries on business in Canada and is not associated with any other Canadian-controlled private corporation.

REQUIRED

Compute the tax payable for 2016 by the corporation under Part I of the Act, assuming a 5% provincial rate of tax.

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Manufacturing and processing profits Total active business income earned in Canada (including M&P) Taxable income Division B income Taxable dividends paid in the year $ 80,000 110,000 75,000 110,000 40,000