Question: Please show step by step solution for all calculations. Trailblazer Inc., a public company, has its headquarters in Toronto, Ontario. The corporation carries on business

Please show step by step solution for all calculations.
Trailblazer Inc., a public company, has its headquarters in Toronto, Ontario. The
corporation carries on business in permanent establishments in Ontario and Nova Scotia.
The following information was reported for the year ended December 31,2021:
Income from business operations in Ontario $ 600,000
Income from business operations in Nova Scotia 800,000
Canadian source interest income 22,000
Taxable capital gain 10,000
Taxable dividends from taxable Canadian corporations 15,000
The company deducted $ 150,000 for SR & ED expenses from its income from business operations in Ontario. No SR&ED expenses are expected in 2022.
In 2021 the company made charitable donations of $ 50,000. The company has $ 74,000 on non-capital losses being carried forward from 2015 and net capital losses being carried forward from 2017 of $ 8,000.
Required:
1.Calculate net income for tax purposes under Division B
2.Calculate taxable income for federal tax purposes
3.Calculate federal Part I tax payable.

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