Question
Acme sells the computer on 1/1/2019 for $2,000. Calculate CRA (cost recovery allowance) for 2019 and the gain/loss on sale. Step 1: Computer is 5
Acme sells the computer on 1/1/2019 for $2,000. Calculate CRA (cost recovery allowance) for 2019 and the gain/loss on sale.
Step 1: Computer is 5 year property
Step 2: Use half-year convention (acquired in January) Step 3: Rate from Table = 19.20% Step 4: Cost recovery allowance for 2019:
Accumulated CRA: Basis: -Gain:
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Advanced Financial Accounting
Authors: Richard Lewis, David Pendrill
6th Edition
0273638335, 978-0273638339
