Question 2.1 (20 Marks) A company reports an accounting profit of $350,000. Included in the profit is $100,000 of proceeds from a life insurance policy for one of the key executives who passed away during the year. These proceeds are not taxable. As well, the company charged ac- counting depreciation that was $20,000 greater than the capital allowances claimed for tax purposes. Required: Calculate the amount of taxes payable and the income tax expense for the year. The current tax rate is 20%