The Sebago Shop Corp. sells art works on consignment in Winnipeg. The shares of Sebago Shop Corp. are all owned by Erica MacAvoy, 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 Sebago Shop Corp. for the year ending December 31, 2021. First, find the taxable income for Sebago Shop Corp. for the year ending December 31, 2021. (Round your answer to the nearest dollar.) The taxable income for the year is $ Now, find the Part I federal tax payable for Sebago Shop Corp. for the year ending December 31, 2021. (Round your answer to the nearest dollar.) The Part I federal tax payable is $0. Additional information The Sebago Shop Corp. has Net Income of $243,000 for the year ending December 31, 2021. Net income is composed of $219,000 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 Sebago Shop Corp. donated $45,000 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. Sebago is associated with another corporation. The associated companies have agreed to share the business limit with Sebago's share being $139,000. The combined TCEC of Sebago and its associated corporation is less than $10 million in both 2020 and 2021. The combined AAll of the two companies was $26,000 in 2020. Print Done The Sebago Shop Corp. sells art works on consignment in Winnipeg. The shares of Sebago Shop Corp. are all owned by Erica MacAvoy, 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 Sebago Shop Corp. for the year ending December 31, 2021. First, find the taxable income for Sebago Shop Corp. for the year ending December 31, 2021. (Round your answer to the nearest dollar.) The taxable income for the year is $ Now, find the Part I federal tax payable for Sebago Shop Corp. for the year ending December 31, 2021. (Round your answer to the nearest dollar.) The Part I federal tax payable is $0. Additional information The Sebago Shop Corp. has Net Income of $243,000 for the year ending December 31, 2021. Net income is composed of $219,000 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 Sebago Shop Corp. donated $45,000 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. Sebago is associated with another corporation. The associated companies have agreed to share the business limit with Sebago's share being $139,000. The combined TCEC of Sebago and its associated corporation is less than $10 million in both 2020 and 2021. The combined AAll of the two companies was $26,000 in 2020. Print Done