Lantz Ltd. reported earnings before income taxes of $560,000 in 20X5. The company had expensed $27,000 of golf club dues that were not tax deductible. There was tax-free dividend revenue of $11,000. Warranty expense was $42,000. Depreciation was $122,000, while CCA was $196,000. Warranty claims paid were $36,000. The tax rate for this year is 25%. Required: Calculate taxable income and income tax payable. Taxable income Income tax payable