Question 1 (5 points) Saved Wisely Ltd. reported income before tax of $800,000 for their 2020 taxation year. Included in this amount are dividends received from a taxable Canadian Corporation of $15,000, meals and entertainment amounting to $14,000, warranty costs of $100,000 have been accrued ($45,000 in actual warranty work completed), depreciation of $78,000 (CCA for the year amounted to $90,000) and interest and penalty for late payment of income tax instalments of $22,000. Wisely Ltd. paid a dividend of $125,000 to its shareholders during the year Required: a. Calculate Wisely Ltd.'s taxable income for 2020. (3.5 marks) Show and label your work. b. List the items listed in part (a) are permanent differences. (1.5 marks)