Cinder Inc. is a Canadian-controlled private corporation based in your province. The company operates a wholesale business. The following information is provided for its year ended May 31, 2020 1. Net income for tax purposes is $212,000. Included in this amount is the following: Interest income from bonds Interest Income on overdue trade accounts receivable Taxable capital gain on sale of land Eligible dividends from Canadian public corporations Non-eligible dividends from PQ Ltd. (see item 2 below) $10,000 1,000 14,000 12,000 6,000 2. PQ Ltd. is a Canadian-controlled private corporation. Cinder owns 60% of its common voting shares. In 2020, PQ claimed the small business deduction on $320,000 of its active business income. PQ paid a non-eligible dividend of $10,000, of which Cinder's share is $6,000 (60%). As a result of the dividend, PQ received a dividend refund of $1,000 from its non-eligible RDTOH. 3. Cinder made contributions of $4,000 to registered charities. This amount has been correctly adjusted for in computing net income for tax purposes. 4. The following information is from the 2019 Tax return of Cinder: Non-capital losses Non-eligible refundable dividend tax on hand Eligible refundable dividend tax on hand Dividend refund Taxable capital Adjusted aggregate investment income $ 5,000 2,000 0 0 Under $ 10 million $30,000 Eligible rerundade dividend lax on nana Dividend refund Taxable capital Adjusted aggregate investment income 0 Under$ 10 million $30,000 5. On May 31, 2020, Cinder paid taxable dividends of $20,000 (eligible $10,000 and non-eligible $10,000) to its shareholders. Required: Determine Cinder's federal income tax for the 2020 taxation year (use 0.3067 when multiplying to represent 30%%. and 0.3833 when multiplying to represent 38 1/3%. Do not multiply by more than 4 decimal places and round your final answer to the nearest dollar. Enter subtractions as negative amounts.) Net Income for tax purposes $ 0 Taxable income $ 0 Active business Income Loss Cinder Inc. is a Canadian-controlled private corporation based in your province. The company operates a wholesale business. The following information is provided for its year ended May 31, 2020 1. Net income for tax purposes is $212,000. Included in this amount is the following: Interest income from bonds Interest Income on overdue trade accounts receivable Taxable capital gain on sale of land Eligible dividends from Canadian public corporations Non-eligible dividends from PQ Ltd. (see item 2 below) $10,000 1,000 14,000 12,000 6,000 2. PQ Ltd. is a Canadian-controlled private corporation. Cinder owns 60% of its common voting shares. In 2020, PQ claimed the small business deduction on $320,000 of its active business income. PQ paid a non-eligible dividend of $10,000, of which Cinder's share is $6,000 (60%). As a result of the dividend, PQ received a dividend refund of $1,000 from its non-eligible RDTOH. 3. Cinder made contributions of $4,000 to registered charities. This amount has been correctly adjusted for in computing net income for tax purposes. 4. The following information is from the 2019 Tax return of Cinder: Non-capital losses Non-eligible refundable dividend tax on hand Eligible refundable dividend tax on hand Dividend refund Taxable capital Adjusted aggregate investment income $ 5,000 2,000 0 0 Under $ 10 million $30,000 Eligible rerundade dividend lax on nana Dividend refund Taxable capital Adjusted aggregate investment income 0 Under$ 10 million $30,000 5. On May 31, 2020, Cinder paid taxable dividends of $20,000 (eligible $10,000 and non-eligible $10,000) to its shareholders. Required: Determine Cinder's federal income tax for the 2020 taxation year (use 0.3067 when multiplying to represent 30%%. and 0.3833 when multiplying to represent 38 1/3%. Do not multiply by more than 4 decimal places and round your final answer to the nearest dollar. Enter subtractions as negative amounts.) Net Income for tax purposes $ 0 Taxable income $ 0 Active business Income Loss