P Ltd. is a Canadian controlled private corporation that operates a chain of fast-food restaurants. In its most recent fiscal year, the Company had the following financial results: 

Active business income eligible for the small business deduction = $150,000, 

Taxable capital gains =Nil, 

Foreign investment income =55,000, 

Investment income earned in Canada=45,000, 

Net Income for Tax Purposes =$250,000, 

Taxable Income =$210,000, 

The Company paid no foreign taxes on its foreign investment income. P Ltd. is not associated with any other corporations. Which one of the following amounts represents the refundable portion of Part I tax? 

a) $14,800. 

b) $16,700. 

c) $12,268. 

d) $46,667.