Answered step by step
Verified Expert Solution
Question
1 Approved Answer
ABC Ltd., a public company and a manufacturer with a December 31 year-end. On January 1, 2022, the undepreciated capital cost for Class 10.1 was
ABC Ltd., a public company and a manufacturer with a December 31 year-end. On January 1, 2022, the undepreciated capital cost for Class 10.1 was $11,550. The Class 10.1 car was purchased in 2020 for $36,000. In 2022, it was sold for $25,000. A new automobile was purchased for $45,680, plus an HST of $5,938. ABC Ltd. is registered to collect and remit HST. What is the maximum CCA allowed combined (rounded to the nearest dollar) for the two cars for 2022?
Group of answer choices
$10,103
$17,289
$17,033
$8,303
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started