Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

4. On January 1, 2019, the beginning of its taxation year, Bob Inc. has the following information on depreciable assets in its records. It is

image text in transcribed
4. On January 1, 2019, the beginning of its taxation year, Bob Inc. has the following information on depreciable assets in its records. It is a full year of operation in 2019 for Bob Inc. Type of Asset Undepreciated Capital Cost Original Capital Cost Class 8 Furniture $28,000 $174.000 During the 2019 taxation year, furniture with an original cost of $52,111 was sold for $36,000. There are still assets in Class 8 at the end of the year. For the taxation year ending December 31, 2019, please calculate the following items and fill the table below. Please put Nil if the balance is zero or does not apply in this case. Please show your calculation to receive full marks. (4 marks) Recapture Opening UCC (Jan 1, 2019) Ending UCC (Dec 31, 2019) Taxable Capital Gain Allowable Capital Loss Maximum CCA Terminal Loss 4. On January 1, 2019, the beginning of its taxation year, Bob Inc. has the following information on depreciable assets in its records. It is a full year of operation in 2019 for Bob Inc. Type of Asset Undepreciated Capital Cost Original Capital Cost Class 8 Furniture $28,000 $174.000 During the 2019 taxation year, furniture with an original cost of $52,111 was sold for $36,000. There are still assets in Class 8 at the end of the year. For the taxation year ending December 31, 2019, please calculate the following items and fill the table below. Please put Nil if the balance is zero or does not apply in this case. Please show your calculation to receive full marks. (4 marks) Recapture Opening UCC (Jan 1, 2019) Ending UCC (Dec 31, 2019) Taxable Capital Gain Allowable Capital Loss Maximum CCA Terminal Loss

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Laboratory Auditing For Quality And Regulatory Compliance

Authors: Donald C. Singer, Raluca-Ioana Stefan, Jacobus F. Van Staden

1st Edition

0367392461, 978-0367392468

More Books

Students also viewed these Accounting questions

Question

Identify the types of informal reports.

Answered: 1 week ago

Question

Write messages that are used for the various stages of collection.

Answered: 1 week ago