During the year ended December 31, 2020, Odette Ltd., a non-resident controlled private corporation operating in Windsor Ontario, has net income for tax purposes under Division B of $ 800,000, which amount includes $ 100,000 of dividends from taxable Canadian corporations, $ 100,000 of dividends from U.S. Corporations in which the company has a 15% common share interest and $ 500,000 of manufacturing and processing profit. The company paid $ 200,000 of charitable donations during the 2020 year. Manufacturing and processing profit earned in a province or territory in Canada was 80%. The company wants to maximize its claim for the small business deduction. Required: (show all calculations)

1. Calculate Odette Ltd.s federal taxable income for 2020.

2. Calculate federal Part I tax payable.