D.M. Paper Company is a Canadian-controlled private corporation (CCPC). The Company handles retail distribution or paper supplies. The following Income Statement has been prepared to assist you in completing D.M. Paper Companys tax return for the year ending December 31, 2021:

Revenues from Operations $5,300,000

Expenses From Operations (4,940,000)

Income From Operations $ 360,000

Other Income 181,500

Income Before Taxes $ 541,500

Income Tax Provision (41,500)

Net Income $500,000

All of the revenues of D.M. Paper Company are earned in a province in Canada and are taxable during 2021. The Expenses from Operations balance includes the following amounts:

a) Depreciation expense of $250,000. For tax purposes, the controller tells you that the opening undepreciated tax balances (UCC) are as follows:

Class 8: $325,478

Class 10: $43,420

There were no additions or dispositions of Class 8 or Class 10 -property during the year.

b) Interest on late income tax payments of $1,250 and interest on late municipal tax instalments of $250.

c) Landscaping costs for the company parking and green spaces $4,000.

d) Charitable donation to the United Way of $5,500.

In addition, D.M. Paper Company provides you with the following other information:

1. 2021 Other Income includes Interest Revenue $105,000 from Canadian sources; Portfolio Dividend $48,000 from Devon Corp. Canadian Taxable crop; Gain on Sale of property (other than depreciable) $28,500 (Property original cost was $22,250; net book value $13,750; and sold for $42,250)

2. Amounts carried from 2005:

- Net-capital loss of $20,000

- Non-capital loss of $ 11,250

- Charitable donation of 20,000

Those amounts will be deducted if allowed

Required:

In an Excel sheet, Calculate D.M. Paper Companys minimum Net Income for Tax Purposes and Taxable Income for the year ending December 31, 2021. Show any required calculation to support the numbers you are including.