Question 1 (5 points) 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) Format BIU ... Answer: Part (a)