Bean Co Is a Canadian-Controlled Private Corporation with a December 31

Bean Co. is a Canadian-controlled private corporation with a December 31 year-end. The company had financial profits of $200,000 in 20x7. Of this amount, $15,000 was from dividend income
received from a taxable Canadian corporation. The remaining income was from active business. Additional information:
The dividends were received from Grow Ltd., a connected Canadian-controlled private corporation. Grow has only one class of shares, and the total amount of dividends paid in 20x7 was $50,000.
Grow received a refund of $9,000 as a result of paying the dividend.
Bean Co. had a balance in its Refundable Dividend Tax on Hand Account of $3,000 at the end of 20x6. The company did not receive a dividend refund in 20x6.
Bean Co. is associated with Pea Co. Pea Co. used $220,000 of the small business deduction limit on its 20x7 tax return
Bean Co.'s 20x7 profits include a donation expense of $1,000.
Amortization of $30,000 was expensed on the income statement in 20x7. CCA has been correctly ca at $28,500 for 20x7 and has not been transferred from the tax accounts to the financial statements. B utilizes the maximum CCA deduction each year.
Bean Co. paid dividends totaling $5,000 during 20x7. Required:
A)Calculate Bean Co.'s 20x7 net income for tax purposes.
B)Calculate Bean Co.'s 20x7 taxable income.
C)Calculate the small-business deduction for Bean Co. for 20x7. (Identify the values for Bean Co.'s business income, taxable income, and annual limit amount.)
D)Calculate Bean Co.'s 20x7 Part IV tax and dividend refund, if applicable.