Balaclava Giant started operations this year and had a net income for tax purposes of $900,000. (Balaclava Giant operates in a province which has a provincial tax reduction on income earned from manufacturing and processing.) During the year, Balaclava Giant: a) made a contribution of $45,000 to eligible charities; b) received $50,000 in dividends from taxable Canadian corporations; c) had active business income of $670,000. For tax purposes, Balaclava Giant is associated with Mission Takers Inc. Mission Takers Inc. used $120,000 of the small business deduction for its active business income. Required: Calculate the following, ignoring provincial taxes: a) Balaclava Giant's taxable income b) Balaclava Giant's small business deduction (use 19% as the rate)

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