The Shoreham Shop Corp. has Net Income of $248,000 for the year ending December 31, 2021. Net income is composed of $224,000 in business income and $24,000 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 Shoreham Shop Corp. donated $47,500 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. Shoreham is associated with another corporation. The associated companies have agreed to share the business limit with Shoreham's share being $134,000. The combined TCEC of Shoreham and its associated corporation is less than $10 million in both 2020 and 2021. The combined AAll of the two companies was $28,500 in 2020 The Shoreham Shop Corp. sells art works on consignment in Winnipeg. The shares of Shoreham Shop Corp. are all owned by Evelyn Maddox, 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 Shoreham Shop Corp. for the year ending December 31, 2021. First, find the taxable income for Shoreham Shop Corp. for the year ending December 31, 2021. (Round yo The taxable income for the year is $ Now, find the Part I federal tax payable for Shoreham Shop Corp. for the year ending December 31, 2021. The Part I federal tax payable is s