Lantz Ltd. reported earnings before income taxes of $670,000 in 20X5. The company had expensed $38,000 of golf club dues that were not tax deductible. There was tax-free dividend revenue of $16,500. Warranty expense was $53,000 Depreciation was $133,000, while CCA was $234,000. Warranty claims paid were $41,500. The tax rate for this year is 20% Required: Calculate taxable income and income tax payable. Taxable income Income tax payable