compute the following

#4) In 2016, a severe weather storm destroyed your only asset you had in Class 8. In 2017, you replaced this asset by purchasing a new Class 8 asset. Compute the: i) Amended 2016 capital gain (ITA 44 election) and ACB of Replacement Property, and II) Amended 2016 recapture (ITA 13(4) election) and the January 1, 2018 UCC Balance (assume no other additions or dispositions made to class other than provided for in question). Proceeds in 2016 from Insurance Company Destroyed Assets Original Cost UCC Balance - Jan 1, 2016 Replacement Cost of New Asset $32,500 $30,000 $20,000 $31,000 #4) In 2016, a severe weather storm destroyed your only asset you had in Class 8. In 2017, you replaced this asset by purchasing a new Class 8 asset. Compute the: i) Amended 2016 capital gain (ITA 44 election) and ACB of Replacement Property, and II) Amended 2016 recapture (ITA 13(4) election) and the January 1, 2018 UCC Balance (assume no other additions or dispositions made to class other than provided for in question). Proceeds in 2016 from Insurance Company Destroyed Assets Original Cost UCC Balance - Jan 1, 2016 Replacement Cost of New Asset $32,500 $30,000 $20,000 $31,000