The following information has been taken from the financial records of the FT Limited:

In 2015, capital cost allowance of $10,278 had been taken on a brick building purchased in 2012 (Class 1 (separate): 6%) leaving an undepreciated capital cost balance of $246,667 on January 1, 2016, the beginning of the 2016 taxation year. In addition, $44,800 in capital cost allowance had been taken on equipment leaving an undepreciated capital cost balance of $179,200 on January 1, 2016. In 2016 no additions or disposals were made to these classes of assets.
The corporation had non-capital losses of $18,000 available for carryover until 2029 and a 2010 net capital loss of $5,000 available for carryover.

REQUIRED

Calculate the taxable income of the corporation for the years indicated.

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Net income (loss) for financial accounting Provision for income taxes Financial accounting expenses include: - Charitable donations - Depreciation - Bond discount amortization Financial accounting income included: - Dividends from taxable Canadian corporations - Dividends from foreign corporations (not foreign affiliates and net of 15% withholding tax) - Capital gains 2015 $(53,000) 15,000 105,000 5,000 23,000 15,300 2016 $126,000 113,000 15,000 105,000 5,000 23,000 15,300