QUESTION 6.1 (1 5 marks)The records for Oxtongue Inc. show the following data for calendar 2020:a)Gross profit on instalment sales recorded on the books was $100,000. Gross profitfrom collections of instalment receivables was $50,000.b)Golf club dues were $3,800.c)Machinery was acquired in January 2020 for $300,000. Oxtongue uses straight-linedepreciation over a ten-year life (no residual value). For tax purposes, Oxtongue usesCCA at 14% for 2020 after considering the half-year rule.d)Dividends received from a Canadian corporation were $ 4,000.e)The estimated warranty liability related to 2020 sales was $19,600. Warranty repaircosts paid during 2020 were $13,600. The remainder will be paid in 2021.f)Pre-tax accounting income is $250,000. The enacted income tax rate is 25%.Requireda.Prepare a schedule (starting with pre-tax accounting income) to calculate taxableincome