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All of the boxes need to be filled with either an amount or 0. Can anybody help? Maple Enterprises Ltd. has always claimed maximum CCA.
All of the boxes need to be filled with either an amount or 0. Can anybody help?
Maple Enterprises Ltd. has always claimed maximum CCA. Maple had the net Income of $100,000 excluding the following capital transactions: 1. The undepreciated capital cost of certain CCA classes at the end of the previous taxation year was as follows: Class 1 Class 8 $200,000 (one building in class) 190,000 2. In 2020, the company expanded into the manufacturing business by purchasing the following assets: Equipment (manufacturing) Product licence for an indefinite period $30,000 10,000 3. The building was sold in 2020 for $260,000 (original cost-$230,000). 4. During 2020, the company purchased office furniture for $14,000. Required: Complete the table below to calculate Maples's net income for tax purposes for the 2020 taxation year. (If an Item is not relevant, leave blank. Use a minus sign (-) when entering numbers that reduce UCC.) Class 1 Building Class 8 Furniture Class 14.1 Intangible License Class 53 Manufacturing equipment UCC, beginning of year Add Purchases Less Disposal Recapture Less CCA Ending UCC Capital Gain Taxable Capital Gain Business income Net Income for Tax purposesStep by Step Solution
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