The Seaford Shop Corp. sells art works on consignment in Winnipeg. The shares of Seaford Shop Corp. are all owned by Erica Morrow, a Canadian residing in Winnipeg. (Click the icon to view the additional information.) Required Determine Taxable Income and Part I Federal Tax Payable for the Seaford Shop Corp. for the year ending December 31, 2021. First, find the taxable income for Seaford Shop Corp. for the year ending December 31, 2021. (Round your answer to the neare The taxable income for the year is $ Now, find the Part I federal tax payable for Seaford Shop Corp. for the year ending December 31, 2021. (Round your answer to The Part I federal tax payable is $ Additional information The Seaford Shop Corp. has Net Income of $239,000 for the year ending December 31, 2021. Net income is composed of $222,000 in business income and $17,000 in taxable dividends from various investments in Canadian public companies. None of the company's income qualifies for the M&P deduction. In May 2021, the Seaford Shop Corp. donated $47,000 to the Canadian Indigenous Art Foundation, a registered Canadian charity. There are no carry forwards of donations or losses, and the corporation paid no dividends in the year. Seaford is associated with another corporation. The associated companies have agreed to share the business limit with Seaford's share being $139,000. The combined TCEC of Seaford and its associated corporation is less than $10 million in both 2020 and 2021. The combined AAll of the two companies was $25,500 in 2020. Print Done Next