Cranston Inc. is a Canadian-Controlled Private Corporation [CCPC}I. During the year, Cranston Inc. has correctly calculated net income for tax purposes and taxable income as follows: Active business income $510,000 Eltgible Portfolio dividends from Canadian corporations $40,000 Taxable capital gains $25,000 Net Income for Tax Purposes $575,000 Dividends from taxable Canadian corporations {40,000} Taxable Income $535,000 In addition, Cranston Inc. indicates the following: o Cranston Inc. is associated with one other corporation and, as such, is allocated $250,000 ofthe annual business limit for the prior year and current year; a In the prior year, Cranston Inc. and its associated group of corporations had Adjusted Aggregate investment income of $40,000 and Taxable Capital Employed in Canada of $1,750,000; 0 Cranston Inc. paid taxable dividends to its shareholders in the amount of $67,500. of this total, $32,500 were designated as eligible; a At the end of the previous taxation year, the GRIP balance for Cranston Inc. was $24,320; and o Cranston Inc. declared $20,000 of eligible dividends to its shareholders in the prior year. Required: Calculate the GRIP balance at the end of the current year for Cranston Inc. Opening Balance (Closing Balance from Prior Year) Plus: 72% of \"High Rate\" Income: Taxable Income Less: Income Eligible for SBD Less: All \"High Rate\" Income Plus: Eligible Dividends Received in the Current Year Less: Eligible Dividends Paid in the Prior Year General Rate Income Pool (GRIP) Closing Balance Income Eligible for SBD: $535,000 (5 (S 524,320 s_ * 72% $40,000 $20,000