QUESTION 1: TAXES FOR CCPC (20 MARKS) Irene owns 100% of the shares of FitCo Inc., a manufacturer of at-home exercise equipment in Toronto, Ontario. The bookkeeper has already calculated the net income for tax purposes (Div B) for the year ended December 31,2022 , as $980,000. They have asked you to calculate the taxes payable. The following items were already included in net income for tax purposes (Div B): -Taxablecapitalgain-InterestincomeonaCanadianbond$23,500$48,000(seenote1&2)$21,500 You have also compiled the following additional information: - FitCo made $10,000 in charitable donations. - FitCo did not claim any non-capital loss or net-capital loss carryovers in the year. - RestCo is a wholly owned subsidiary of FitCo. For the year ended December 31, 2022, RestCo earned $120,000 of ABI and will claim the maximum SBD that is available. Note 1 - the non-eligible dividends from Canadian corporates of $48,000 noted above are from two taxable Canadian corporations: Note 2 - ABC Ltd. received a dividend refund of $15,000 and XYZ Ltd. received a dividend refund of $35,000. Some additional information: - FitCo and RestCo's combined taxable capital is $8M for the preceding year. - The provincial tax rate is 3% on ABI below the business limit and 12% on high-rate income. - FitCo paid $11,000 of non-eligible dividends to the current shareholders in 2022. - The balance in NERDTOH on December 31,2021 , was $7,500 and ERDTOH was $0. arvidend retund of $15,000 and XYZ Ltd. received a dividend Some additional information: - FitCo and RestCo's combined taxable capital is $8M for the preceding year. - The provincial tax rate is 3% on ABI below the business limit and 12% on high-rate income. - FitCo paid $11,000 of non-eligible dividends to the current shareholders in 2022. - The balance in NERDTOH on December 31,2021 , was $7,500 and ERDTOH was $0. - FitCo made a total of $25,000 in instalments in the current year. REQUIRED: A. Calculate the total taxes payable (federal Part 1 and provincial) B. Calculate the Part IV taxes payable C. Calculate the Refundable Portion of Part 1 tax D. Calculate the RDTOH balances at the end of December 31,2022 E. Calculate the dividend refund for FitCo for 2022 Ensure that you organize your work and use supporting notes for your calculations