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ASAP An upvote will be given A company purchased a state of the art computer system including servers, laptops, PC's and ultra-fast backup drives from
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A company purchased a state of the art computer system including servers, laptops, PC's and ultra-fast backup drives from a supplier in Miami for $200,000 United States Dollars (USD) in the current year of assessment. The items were landed and installed at the taxpayer's place of business at an additional cost of $10,000 (USD) for a total cost of $210,000 (USD). The exchange rate at the time the system was installed and used - January 1st,2016 - was $80 Jamaican Dollars (JMD) to \$1 (USD). He made full payment for the item four months later when the exchange rate was $100 (JMD) to \$1 (USD). The exchange difference calculated on this transaction (if any) was correctly treated from an accounting perspective. In error, none of the capital allowances relevant to the item were computed. Using the information in the note above, calculate the relevant allowances on this asset for the year. A tabular format is not required. Please show all workings - and clearly state any assumptions made - on the lines provided below. (5 marks) A company purchased a state of the art computer system including servers, laptops, PC's and ultra-fast backup drives from a supplier in Miami for $200,000 United States Dollars (USD) in the current year of assessment. The items were landed and installed at the taxpayer's place of business at an additional cost of $10,000 (USD) for a total cost of $210,000 (USD). The exchange rate at the time the system was installed and used - January 1st,2016 - was $80 Jamaican Dollars (JMD) to \$1 (USD). He made full payment for the item four months later when the exchange rate was $100 (JMD) to \$1 (USD). The exchange difference calculated on this transaction (if any) was correctly treated from an accounting perspective. In error, none of the capital allowances relevant to the item were computed. Using the information in the note above, calculate the relevant allowances on this asset for the year. A tabular format is not required. Please show all workings - and clearly state any assumptions made - on the lines provided below An upvote will be given
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