For the year ended December 31, 2020, the breakdown of taxable income for Rankin Inc. (Rankin), a Canadian-controlled private corporation, is as follows: Net income for tax purposes $ 700,000 Less: Net capital loss (20,000) Taxable dividends from public co. (10,000) Taxable income $ 670,000 The net income for tax purposes includes $35,000 of net taxable capital gains and $10,000 of interest income from bonds. The small business deduction claimed by Rankin in 2020 is based on its $500,000 business limit.

Required: Determine the refundable portion of Part I tax for Rankins investment income. Show all calculations for all relevant lesser of amounts.