Exercise 11-31

During 2020, Sweet Acacia Limited sold its only Class 3 asset. At the time of sale, the balance of the undepreciated capital cost for this class was $37,150. The asset originally cost $129,600. (a) Calculate recaptured CCA, capital gains, and terminal losses, if any, assuming the asset was sold for proceeds of (1) $132,200, (2) $50,300, and (3) $22,800.

		(1) $132,200		(2) $50,300		(3) $22,800
Capital gain		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount
Recaptured CCA		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount
Terminal loss		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount

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