Please complete the following in Excel and submit via BB by end of day January $12$th$,2024.$

Show all calculations including information that may not be used in the final answer. Use excel formulas to calculate your results to receive full marks.

Save your Excel file with the name $\_\_$ACCT$312\_$WINTER$2024\_$Assignment$\_$Module$\_1.$xlsm$.$

Submit your completed file to me on BB$.$

Your submission must be your own and not copied from a classmate.

Bob is the only shareholder of UpInSmoke Inc., a Canadian controlled private company. For the taxation year ending December $31,2019,$ the Company has Taxable Income, before any consideration of salary to Bob and$/$or the payment of dividends, of $$135,000.$ All of this income qualifies for the small business deduction and thus has a federal corporate tax rate on this taxable income of $9\%$ and provincial corporate tax rate of $3\%$ on this taxable income.

Bob's only source of income is either dividends or salary from UpInSmoke Inc. For $2019,$ he has available tax credits of $$4,200($combined federal and provincial$).$

Relevant information with respect to his current province of residence is as follows:

The tax rate for individuals on the first $$46,605$ of taxable income is $8$ percent.

The provincial dividend tax credit is equal to $32$ percent of the gross up on non$-$eligible dividends.

All of the company$$s activities are confined to a province in which the combine Federal$/$Provincial tax rate is $12\%.$ Hint: Corporate dividends are paid from after$-$tax monies where as salaries are paid with pre$-$tax monies.

Any corporate taxes for $2019$ will need to paid out of cash on hand.

Required: