The Following Summarizes Information Relating to Gonzalez Corporation's Operations for the Current

The following summarizes information relating to Gonzalez Corporation's operations for the current year.
$\begin{array}{ll}\text { Sales revenue } & 4,600,000 \\\\\text { Dividend revenue (not taxable) } & 120,000 \\\\\text { Operating expenses other than depreciation } & (3,220,000) \\\\\text { Depreciation } & \underline{(300,000)} \\\\\text { Income before tax } & \underline{1,200,000} \\\\\text { Capital cost allowance claimed } & 600,000 \\\\\text { Income taxpate } & 35 \%\end{array}$ Requirement:
Compute the amount of taxes payable and income tax expense for Gonzalez Corporation.