AP 13-5 (Comprehensive Corporate Tax Payable with CCA) Oland Ltd. is a CCPC with a December 31 year end. For the year ending December 31, 2021, the income statement of the company, prepared in accordance with generally accepted accounting principles (ASPE), is as follows: Revenues Expenses: $1,625,986 Cost of goods sold ($776,257) Selling and administrative costs ( 394,672) Amortization expense ( 125,489) Charitable donations ( 27,000) (1,323,418) Operating income $ 302,568 Gain on sale of property $ 153,600 Loss on sale of vehicles ( 55,000) Gain on sale of investments 11,000 Dividends received (see Note) 123,400 233,000 Net income before taxes $ 535,568 Note The components of the dividends received are as follows: Eligible dividends from Canadian public companies Non-eligible dividends from 80% owned subsidiary (the subsidiary received a dividend refund of $15,000 from its non-eligible RDTOH) Non-eligible dividends from wholly owned subsidiary (no dividend refund) Total dividends received $ 62,300 48,000 13,100 $123,400 Oland is associated with both of the subsidiaries. The two subsidiaries have each been allocated $125,000 of the small business deduction's business limit. The remaining $250,000 has been allocated to Oland.