Part 1 - Corporation

On April 1, 2019, a corporation with a December 31 taxation year purchased a three-year investment certificate for $20,000. The certificate pays interest only at the end of the three-year term but interest is compounded annually at the rate of 10%. Currently, the corporation's marginal tax rate is 28%. However, in 2020, the marginal tax rate will decrease to 25%.

Part 2 Individual

An individual makes the identical investment on April 1, 2019. The individual's marginal tax rate in 2019 is also 28% and is expected to decrease to 25% in 2020.

Required:

Complete the table below to show the interest income and the tax liability each year for the corporation and the individual.

I have inputted some of the values I think could be the answer but feel that the answer I have inputted is incorrect. Please let me know what the correct values are for each cell.

Individual Interest Tax income Liability 2019 2020 2021 2022 Total $ $ Corporation Interest Tax income Liability $ 1,507 $ 644 $ 200 $ 2,000 $ 4,351 $ 2,000 2,200 $ 2,420 $ 6,620 Individual Interest Tax income Liability 2019 2020 2021 2022 Total $ $ Corporation Interest Tax income Liability $ 1,507 $ 644 $ 200 $ 2,000 $ 4,351 $ 2,000 2,200 $ 2,420 $ 6,620