Boom Boom Inc. (BBI), a Canadian-controlled private corporation wholly owned by Ms. Boom, for its fiscal year ended December 31, 2019. The Toronto-based company is a wholesale company with corporate and public clients. The schedule below outlines the net income for income tax purposes (by source). Boom Boom Inc. Net Income for Income Tax Purposes (by Source) for the Year Ended December 31, 2019 Income from Wholesale sales net of all capital cost allowance $150,000 Interest income 50,000 Dividend income 47,000 Taxable capital gain (non-active) 40,000 Net income for income tax purposes $287,000 Additional Information: 1. Dividend income is derived from the following sources: (a) Pluto Limited(non-eligible) $46,100 (b) Can Public Corp. (Canada) Ltd.(eligible) 400 (c) DEF Investment Co. (1% shareholder eligible) 500 $47,000 2. Sale of non-active assets during the year resulted in the taxable capital gain of $40,000 3. BBI owns 65% of Pluto Limited. The other 35% is owned by a Canadian friend of Ms. Boom. Pluto received a dividend refund of $25,000 when it paid out dividends of $70,923 on its shares. 4. During the year, BBI paid non-eligible dividends to Ms. Boom totalling $55,000. 5. For the fiscal year ended December 31, 2019, BBI made the following expenditures: Charitable donations not yet deducted $ 5,000 4 6. Balances in the tax accounts as at the beginning of fiscal 2019 are as follows: Charitable donations made in 2018, unused in that year $ 2,000 Refundable dividend tax on hand (non-eligible dividends) $ 5,000 Dividend refund in 2018 (non eligible dividends) $2,000 Net capital losses realized in 2012, unused to date $ 1,500 Capital dividend account $ 5,000 Required: (a) Compute the net taxes payable by (refundable to) Boom Boom Inc. for its 2019 taxation year making use of all credits, refunds and payments. Show all your calculations. The provincial tax rate is 12 per cent. (b) Compute the Refundable Tax on Hand showing all your work including the dividend refund and Part 1V Tax.