AP 12-9 (Corporate Tax Payable) For the taxation year ending December 31, 2021, Lorne Inc., a CCPC, has net income of $340,500. This is made up of $312,400 of active business income and $28,100 of taxable eligible dividends from various Canadian public companies. It has been determined that $211,300 of the active business income qualifies as manufacturing and processing profits. During 2021, the company makes donations to registered charities totalling $31,400. At the beginning of 2021, the company has a 2019 non-capital loss balance of $29,300. It intends to deduct all of this carry forward for 2021. Lorne Inc. is associated with three other CCPCs. The companies have agreed that each com- pany will claim one-quarter of the annual business limit. The combined taxable capital employed in Canada for the four associated companies is less than $10 million in both 2020 and 2021. The combined adjusted aggregate investment income of the four companies was $45,000 in 2020. Required: Determine the minimum taxable income and Part I federal tax payable for Lorne Inc. for the year ending December 31, 2021. Show all calculations, whether or not they are necessary to the final solution. Hint: Ignore M&P deductions (Technically, the amount of tax payable should be the same whether the company qualifies for M&P and the general rate reduction or just the general rate reduction).