Chatterbox Incorporated has a fiscal year-end of December 31, 2020. On January 1, 2020, the company had the following information for their CCA classes:

Class 1 -The buildings in Class 1 were acquired in January 2009 at a cost of $734,000, with $84,000 of this total being allocated to land. The UCC balance on January 1, 2020 was $562,154.

Class 8 -The equipment in Class 8 was acquired in January 2014 at a cost of $78,500. The UCC balance on January 1, 2020, was $23,520.

During the 2020 fiscal year, Chatterbox Inc. sold the following:

- Sold all the existing equipment and replaced it with improved equipment that will be leased going forward. The old equipment sold for $32,500

- The company CFO rendered a similar decision regarding the buildings. The buildings were sold for $825,000 and replaced with leased premises. Of the $825,000 received, $100,000 is related to the land on which the buildings are situated

Required:For the taxation year ending December 31, 2020, calculate the maximum CCA that can be deducted in class 1 and class 8 by Chatterbox Inc. In addition, indicate if there are any other tax consequences to each transaction. Please show all work.