based on information provided fill T$2$ corporate tax return for the company "Why Limited Inc."

Why Limited is a Canadian $-$controlled private corporation operating solely in Newfoundland and Labrador. For it's taxation year ended December $31,2024,$ the company reported the following income under Division B:

Active business income $................$ $ $97,000$

Taxable capital gain $($non$-$active$)($applying the $(2)/(3)$ capital gains inclusion rate$)....\mathrm{.}37,500$

Canadian$-$source interest income $...........\mathrm{.}45,000$

Taxable portfolio dividends from Canadian$-$resident public corporations $($eligible$)..\mathrm{.}18,750$

Income under Division B$.....$$$198,250$

The corporation is carrying forward the following amounts:

Non$-$capital losses $............$$$40,000$

Net capital losses $($arising in $2019)($converted to the $(2)/(3)$ capital gains inclusion rate$)...\mathrm{.}52,000$

The balance in both refundable dividend tax on hand accounts at December $31,2024$ was $$0.$ On November $30,2024$ the company paid $$112,500$ in taxable dividends $($all non$-$eligible$)$ to its shareholders all of whom are individuals. The taxable portfolio dividends of $$18,750$ were received on November $1,2024.$

$($a$)$Compute the federal Part I tax and provincial tax at a $4\%$ rate for income eligible for the small business deduction and a $12\%$ rate for income not eligible for the small business deduction payable by the company for $2024.$ For purposes of the small business deduction, assume investment income earned in the prior year $($after applying the relevant capital gains inclusion rate$)$ is the same as the amount earned in the current year.

$($b$)$Compute the refundable dividend tax on hand balance as at December $31,2024,$ and compute the dividend refund for $2024.$

$($C$)$ Prepare the journal entries to report the corporate tax liability and refundable taxes in the financial statements for Why Limited using the taxes payable method under ASPE. Assume an estimated tax provision of $$25\mathrm{.}000$ had been booked to the current tax provision during the year. Assume that the payment of future dividends is a reasonable expectation.