Lantz Ltd. reported earnings before income taxes of $680,000 in 20X5. The company had expensed $39,000 of golf club dues that were not tax deductible. There was tax-free dividend revenue of $17,000. Warranty expense was $54,000. Depreciation was $134,000, while CCA was $238,000. Warranty claims paid were $42,000. The tax rate for this year is 25%.

Required: Calculate taxable income and income tax payable.