Lantz Ltd. reported earnings before income taxes of $590,000 in 20X5. The company had expensed $30,000 of golf club dues that were not tax deductible. There was tax-free dividend revenue of $12,500. Warranty expense was $45,000. Depreciation was $125,000, while CCA was $206,000. Warranty claims paid were $37,500. The tax rate for this year is 25%.

Required: Calculate taxable income and income tax payable.