Galley World Inc. is a Canadian controlled private corporation (CCPC) that operates a retail business selling cooking utensils, knives, and small appliances for both professional chefs and home cooks. Galley World Inc. is operated out of Toronto, Ontario, and all of the corporation's revenue and expenses are incurred in Ontario. (Click on the icon to view the financial information.) (Click on the icon to view the additional information.)

Required Requirement 1. Calculate the amount of Federal Taxes Payable under Part I of the Income Tax Act for Galley World Inc. (Round to the nearest cent.)