Crane Corporation purchases equipment very late in 2023. Based on generous capital cost allowance rates provided in the Income Tax Act, Crane claimed CCA on its 2023 tax return but didn't record any depreciation because the equipment was being tested.

This temporary difference will reverse and cause taxable amounts of $30,700 in 2024, $31,300 in 2025, and $45,000 in 2026. Crane's accounting income for 2023 is $236,000 and the tax rate is 30% for all years.

There are no deferred tax accounts at the beginning of 2023. Crane Corporation was informed on December 31, 2024 that the enacted rate for 2025 and subsequent years is 25%.

Deferred Tax Balances for December 31, 2024 and 2025 is 19,075 and 11,250 respectively.

Calculate taxable income and income tax payable for 2024 and 2025.