Please find the question in the attached docs.

A Junior accountant named Mary needs your help. She has asked you to double check her work on the company to date and to complete the work as described as the following. Enterprise Ltd is a Canadian-controlled private corporation who main business is retail, wholesale and Advertising is located in Vancouver, British Columbia. For its fiscal year ended December 31, 2021, Mary had calculated the income for tax purposes under Division B and some of the federal Part I tax as follows: Domestic sources - $ 280,000 (60.000) 35.000 290.000 27,000 52.000 15.000 28,000 Retail income Note 1 Advertising agency loss Note 2 Rental income from unused warehouse fully rented on a five-year lease Wholesale income Interest on outstanding accounts receivable in retailing business Recapture of CCA from sale of fixtures used in retailing business Interest income from a 60% own subsidiary Note 3 Interest income from five-year bonds Taxable capital gains net of losses from sale of marketable securities purchased with short-term surplus retail/wholesale business funds Dividends from non-connected taxable Canadian corporations-eligible Dividends from connected taxable Canadian corporations Note 4 Foreign sources - Foreign business income in CS earned through unincorporated branch in United States after C$8,000 in income tax paid in United States Foreign non-business income in CS before C$12.500 withheld 24.000 11.000 17,000 45,000 40.000 Division B net income for tax purposes $804,000 Division C deductions: charitable donations dividends (Canadian-source) non-capital losses capital losses Taxable income (32,500) (28,000) (50,000) (24.000) S669.500 $254,410 (61.104) $193.306 Federal tax @ 38% Federal abatement (See Additional Notes -Note 1) Partial Part I tax computed Note 1-Retail income includes the sale of active working capital assets of the company which was sold for $20,000 Note 2- Advertising agency losses includes a rental property which was purchased with excess funds which the rental property had a loss of $20,000 in losses after adding CCA of $9,000 from the rental property. Note 3- The 60% owned subsidiary is using the funds to finance operations which in turn generate 100% active business income Note 4. The subsidy received a dividend refund of $8,000 and is non-eligible. This is Enterprise Ltd only subsidiary Additional Notes (1) The corporation has permanent establishments in British Columbia, Ontario, and the United States. Its gross revenues, salary and wages, operating profit, and gross asset values are as follows: Location Gross revenue Payroll Operating profit Gross asset value (5000s) (5000s) (5000s) (5000s) British Columbia 1,750 1,500 123 6.500 Ontario 2.500 1,200 140 800 U.S. 1.000 40 700 1,100 3,800 Totals 5.250 303 8.000 (2) Enterprise Ltd made the following selected payments during the year: Charitable donations 32,500 (3) Four quarterly non-eligible dividends of $35,000 were declared at the end of each quarter of the 2021 fiscal year and were paid within two weeks of their declaration. The non-eligible dividend for the last quarter of 2021 was paid in January 2022. A non-eligible dividend of $30,000 declared in the last quarter of 2020 was paid in January 2021. Also during 2021 an eligible dividend was paid out for $17,000. (4) Enterprise Ltd had allocated $25,000 of its business limit to it only other associated corporations. Taxable capital does not exceed $10,000,000 within the associated group. (5) The balances in the tax accounts on December 31, 2020 were: Charitable donation carry forward Unused business foreign tax credit Non-capital losses from 2019 Capital losses from 2017 Refundable dividend tax on hand-non-elible dividend Dividend refund for 2020-non eligible dividends $ 3,000 3,500 50,000 24,000 40,000 14.000 Required: Determine, by clearly presenting all component parts and their calculations for the following: (a) Check to see if the Taxable income and Partial Part I tax has been correctly computed above. Also please calculate the total federal Part 1 tax Payable plu the provincial taxes assuming a tax rate of 11% for all provincial governments. (b) the amount of the dividend refund for 2021. Show all calculations whether or not necessary to the final answer to get full marks. oo A Junior accountant named Mary needs your help. She has asked you to double check her work on the company to date and to complete the work as described as the following. Enterprise Ltd is a Canadian-controlled private corporation who main business is retail, wholesale and Advertising is located in Vancouver, British Columbia. For its fiscal year ended December 31, 2021, Mary had calculated the income for tax purposes under Division B and some of the federal Part I tax as follows: Domestic sources - $ 280,000 (60.000) 35.000 290.000 27,000 52.000 15.000 28,000 Retail income Note 1 Advertising agency loss Note 2 Rental income from unused warehouse fully rented on a five-year lease Wholesale income Interest on outstanding accounts receivable in retailing business Recapture of CCA from sale of fixtures used in retailing business Interest income from a 60% own subsidiary Note 3 Interest income from five-year bonds Taxable capital gains net of losses from sale of marketable securities purchased with short-term surplus retail/wholesale business funds Dividends from non-connected taxable Canadian corporations-eligible Dividends from connected taxable Canadian corporations Note 4 Foreign sources - Foreign business income in CS earned through unincorporated branch in United States after C$8,000 in income tax paid in United States Foreign non-business income in CS before C$12.500 withheld 24.000 11.000 17,000 45,000 40.000 Division B net income for tax purposes $804,000 Division C deductions: charitable donations dividends (Canadian-source) non-capital losses capital losses Taxable income (32,500) (28,000) (50,000) (24.000) S669.500 $254,410 (61.104) $193.306 Federal tax @ 38% Federal abatement (See Additional Notes -Note 1) Partial Part I tax computed Note 1-Retail income includes the sale of active working capital assets of the company which was sold for $20,000 Note 2- Advertising agency losses includes a rental property which was purchased with excess funds which the rental property had a loss of $20,000 in losses after adding CCA of $9,000 from the rental property. Note 3- The 60% owned subsidiary is using the funds to finance operations which in turn generate 100% active business income Note 4. The subsidy received a dividend refund of $8,000 and is non-eligible. This is Enterprise Ltd only subsidiary Additional Notes (1) The corporation has permanent establishments in British Columbia, Ontario, and the United States. Its gross revenues, salary and wages, operating profit, and gross asset values are as follows: Location Gross revenue Payroll Operating profit Gross asset value (5000s) (5000s) (5000s) (5000s) British Columbia 1,750 1,500 123 6.500 Ontario 2.500 1,200 140 800 U.S. 1.000 40 700 1,100 3,800 Totals 5.250 303 8.000 (2) Enterprise Ltd made the following selected payments during the year: Charitable donations 32,500 (3) Four quarterly non-eligible dividends of $35,000 were declared at the end of each quarter of the 2021 fiscal year and were paid within two weeks of their declaration. The non-eligible dividend for the last quarter of 2021 was paid in January 2022. A non-eligible dividend of $30,000 declared in the last quarter of 2020 was paid in January 2021. Also during 2021 an eligible dividend was paid out for $17,000. (4) Enterprise Ltd had allocated $25,000 of its business limit to it only other associated corporations. Taxable capital does not exceed $10,000,000 within the associated group. (5) The balances in the tax accounts on December 31, 2020 were: Charitable donation carry forward Unused business foreign tax credit Non-capital losses from 2019 Capital losses from 2017 Refundable dividend tax on hand-non-elible dividend Dividend refund for 2020-non eligible dividends $ 3,000 3,500 50,000 24,000 40,000 14.000 Required: Determine, by clearly presenting all component parts and their calculations for the following: (a) Check to see if the Taxable income and Partial Part I tax has been correctly computed above. Also please calculate the total federal Part 1 tax Payable plu the provincial taxes assuming a tax rate of 11% for all provincial governments. (b) the amount of the dividend refund for 2021. Show all calculations whether or not necessary to the final answer to get full marks. oo