Axco Inc. is a CCPC with a December 31 year end. Axco is not associated with any other company.

For the 2020 taxation year, its Net Income For Tax Purposes is equal to $342,000. This is made up of active business income of $226,000, dividends from taxable Canadian corporations of $31,000, taxable capital gains of $51,000 and interest income on long-term investments of $34,000.

The Company has available a net capital loss carry forward of $32,000 [(1/2)($64,000)] and a non-capital loss carry forward of $29,000. The Company intends to deduct both of these carry forwards in the 2020 taxation year if possible.

In 2019, Axco's Taxable Capital Employed in Canada was less than $10 million, and its ADJUSTED Aggregate Investment Income was less than $50,000.

Required: Determine Axco's Taxable Income and its additional refundable tax on investment income for the 2020 taxation year.

Show your final answers at the top, followed by all your supporting calculations.