Rual Ltd. is a Canadian controlled private corporation with a December 31 year end. The components of its Net Income For Tax Purposes are as follows: Active Business Income (Note 1) $950,225 Net Taxable Capital Gains Rental Loss from Investment Property Foreign Source Interest (Note 2) Dividends 112,900 (27,550) 45,375 583,750 Note 1 The active business income amount includes manufacturing profits of $774,100. This amount qualifies for the M&P deduction. Note 2 The foreign source interest in from an investment with a country that did not deduct foreign taxes, due to a tax treat with Canada. Additional information 1. Rual has a net capital loss carry forward balance of $76,100. In addition, there is a 2022 non capital loss carry forward balance of $40,600. Rual would like to deduct the maximum amount of these carry forward losses possible for their 2024 taxation year. 2. Rual is associated with two other corporations, and it has been agreed that Rual will be allocated $325,000 of the small business limit in 2024. 3. Assume for the purposes of the federal abatement that 97 percent of Rual’s Taxable Income has been earned in a province or territory. Required: Calculate Rual’s Taxable Income and Part I Tax Payable for 2024.