alley Ltd. is a CCPC involved in the distribution of domestically produced laser products. For the taxation year ending December 31, 2022, its net income was made up of the following components. Active Business Income $216,200 Dividends From Canadian Corporations: Wholly Owned Subsidiary (All Non-Eligible) 108,200 Portfolio Investments (All Eligible) 56,100 Interest On Government Bonds 36,500 Taxable Capital Gains 57,200 Net Income $474,200 On December 31, 2021, Valley Ltd. has a GRIP balance of $58,800 and a nil balance in both the Eligible and Non-Eligible RDTOH. Valley Ltd. paid no taxable dividends in 2021. In 2021, the corporation's AAII was $33,400 and its TCEC was $2 million. The taxable dividends paid to Valley Ltd. by its wholly owned subsidiary in 2022 did not entitle the subsidiary to any dividend refund. The wholly owned subsidiary is allocated $200,000 of the annual small business limit. The remainder of $300,000 is allocated to Valley Ltd. On October 1, 2022, Valley Ltd. paid taxable dividends to its shareholders in the amount of $32,300. The corporation would like to pay the maximum amount of eligible dividends on which a dividend refund would be available. Show all of the calculations used to provide the following required information, including those for which the result is nil. For Valley Ltd.'s 2022 taxation year, calculate the following. A. Part I Tax Payable B. The refundable portion of Part I Tax C. Part IV Tax Payable D. The balance in the GRIP account on December 31, 2022 E. The balance in the Eligible and Non-Eligible RDTOH accounts on December 31, 2022 F. The amount of any dividend refunds resulting from the payment of eligible dividends G. The amount of any dividend refunds resulting from the payment of non-eligible dividends H. Federal Tax Payable (net of any dividend refund) I. The balance in the Eligible RDTOH and Non-Eligible RDTOH accounts on January 1, 2023 Requirement A. Calculate the Part I Tax Payable. In this step, calculate the taxable income. Net income Dividends Taxable income Part 2 Now, calculate the Part I federal taxable payable. (Round your answers to the nearest whole dollar. For entries with a $0 balance, make sure to enter "0" in the appropriate input field.) Taxable income Base amount of Part I Tax Federal tax abatement Small business deduction Additional refundable tax on investment income General rate reduction Part I federal tax payable Part 3 Requirement B. Calculate the refundable portion of Part I Tax. (Round your answer to the nearest whole dollar.) What is the Part I refundable tax payable? Part 4 Requirement C. Calculate the Part IV Tax Payable. (Round your answers to the nearest whole dollar. For entries with a $0 balance, make sure to enter "0" in the appropriate input field.) Part IV tax on portfolio investments Part IV tax on subsidiary dividends Total Part IV tax Part 5 Requirement D. Calculate the balance in the GRIP account on December 31, 2022. (Round your answers to the nearest whole dollar. For entries with a $0 balance, make sure to enter "0" in the appropriate input field.) GRIP balance at the end of 2021 Taxable income Income eligible for SBD Aggregate investment income Adjusted taxable income Rate 72% Subtotal Eligible dividends received Eligible dividends designated in 2021 GRIP balance at the end of 2022 Part 6 Requirement E. Calculate the balance in the Eligible and Non-Eligible RDTOH accounts on December 31, 2022. (Round your answers to the nearest whole dollar. For entries with a $0 balance, make sure to enter "0" in the appropriate input field.) First, calculate the balance in the eligible RDTOH. Opening balance Part IV tax on portfolio investments Eligible RDTOHDecember 31, 2022 Part 7 Now, calculate the balance in the non-eligible RDTOH. (Round your answers to the nearest whole dollar. For entries with a $0 balance, make sure to enter "0" in the appropriate input field.) Opening balance Part I refundable tax Non-eligible RDTOHDecember 31, 2022 Part 8 Requirement F. Calculate the amount of any dividend refunds resulting from the payment of eligible dividends. (Round your answer to the nearest whole dollar.) What is the Part I refundable tax payable? Part 9 Requirement G. Calculate the amount of any dividend refunds resulting from the payment of non-eligible dividends. (For an entry with a $0 balance, make sure to enter "0" in the input field.) What is the amount of dividend refunds resulting from the payment of non-eligible dividends? Part 10 Requirement H. Calculate the Federal Tax Payable (net of any dividend refund). (Round your answers to the nearest whole dollar.) Part I tax Part IV tax Dividend refund Federal tax payable Part 11 Requirement I. Calculate the balance in the Eligible RDTOH and Non-Eligible RDTOH accounts on January 1, 2023. First, calculate the balance in the eligible RDTOH. (Round your answers to the nearest whole dollar.) Eligible RDTOHDecember 31, 2022 Dividend refund on 2022 eligible dividends paid Eligible RDTOHJanuary 1, 2023 Part 12 Now, calculate the balance in the non-eligible RDTOH. (Round your answers to the nearest whole dollar. For entries with a $0 balance, make sure to enter "0" in the appropriate input field.) Non-eligible RDTOHDecember 31, 2022 Dividend refund on 2022 non-eligible dividends paid Non-eligible RDTOHJanuary 1, 2023