Question 5 (10 points) Assume: both companies are public corporations and their taxation year ends on December 31. The information given below is for the year ending December 31, 2019. Scenario 1 Company ABC. Scenario 2 Company XYZ Revenue Cost of goods sold Gross Profit Operating expenses Operating income Other revenue: Gain on sale of investment Eligible Dividend income Income before income taxes 90,000 (45,000) 45,000 (20,000) 25,000 Operating revenue Operating expenses Eligible dividend income Charitable Donation (included in operating expenses) Gain on sale of investment 234,000 150,000 23,000 97,600 30,000 1,000 500 26,500 Determine Net income for tax purposes of ABC. Determine Net income for tax purposes of XYZ. Determine Minimum taxable income of ABC. . Determine Minimum taxable income of XYZ. Question 5 (10 points) Assume: both companies are public corporations and their taxation year ends on December 31. The information given below is for the year ending December 31, 2019. Scenario 1 Company ABC. Scenario 2 Company XYZ Revenue Cost of goods sold Gross Profit Operating expenses Operating income Other revenue: Gain on sale of investment Eligible Dividend income Income before income taxes 90,000 (45,000) 45,000 (20,000) 25,000 Operating revenue Operating expenses Eligible dividend income Charitable Donation (included in operating expenses) Gain on sale of investment 234,000 150,000 23,000 97,600 30,000 1,000 500 26,500 Determine Net income for tax purposes of ABC. Determine Net income for tax purposes of XYZ. Determine Minimum taxable income of ABC. . Determine Minimum taxable income of XYZ