Question
Class 50 - The January 1, 2020 balance in this Class was $23,000. During 2020, there were additions to this Class with a capital cost
Class 50 - The January 1, 2020 balance in this Class was $23,000. During 2020, there were additions to this Class with a capital cost of $18,000.
Required: Calculate the maximum CCA that can be taken by ABC on each class of assets for the year ending December 31, 2020 and calculate the UCC for each class of assets on January 1, 2021. In addition, determine the amount of any capital gain, recapture, or terminal loss that arises. Ignore GST/HST/PST considerations.
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Financial & Managerial Accounting
Authors: Jan Williams
16th Edition
78111048, 978-0078111044
