File Home Insert Formulas Data Review View Help Editing 2 [ Paste Calibri 11 - ' ' BIUROA 2 Wrap Text Merge & Center General $ %, 508-88 Conditional Fo T Undo Clipboard Font Algement Number 814 so A H 5 7 8 9 10 11 12 1 Question- - Capital Cost Allowance (23 marks) The following information relates to Alfie Co. for its taxation year that ends on December 31, 2020: Note 1: The Company has ucc balances on January 1, 2020 for its tangible assets as follows: Class 1 (4%) - Note 2 Class 8 (20%) - Note 3 Class 10 (30N) - Note 4 $ 94,762 Class 12 (100%) - Notes $ 18,850 Class 50 (55%) - Note 6 $ 28,060 Note 2: During 2020, the building that was acquired in 2006 was sold for cash of $635,000. Of this total, $130,000 represented the value of the land on which the building was situated. The building had a capital cost of $620,000, of which $100,000 represented the value of the land at time the building was acquired. The building was replaced during 2020 with a new building at a cost of $805,000, of which $125,000 represented the value of the land. The old building was used 100 percent for office space and was allocated to a separate Class 1. The new.renlacement building is also used 10 percent for office care and is allocated to a canarata Place 1 Cover sheet - please read CCA Question ACCA Classes + Calculation Mode: Automatic 13 14 15 Workbook Statistics ASA ZenBook ESC D Note 3: During 2020, the Company purchased office furnishings for $74,000. They traded in older furnishings and received an allowance of 526,000. The capital cost of the furnishings that were traded in was $56,000 Note 4: The only vehicle purchased during 2020 was a Lexus to be used by the president of the Company. The cost of this car was $93,000. The president drives it 23,000 kilometers during the year, of which 5,750 kilometers are for employment related purposes. Notes: Computer software that is not systems software is purchased during the year $ 2,840 Note 6: The company sold all of their computer hardware for $1,000. The original cost of the hardware was $22,000, The company decided to lease their computer hardware instead. Note 7: Ale co has always deducted the maximum CCA in each year of Required: Calculate the maximum 20 o CCA that can be taken on each class of assets, the January 1, 2021 UCC balance for each class, and any other 2020 income inclusions or deductions resulting from the information provided in the problem = Cover sheet - please read CCA Question CCA Classes + Workbook Statistics cation Mode Automatic ZOS ESC 7 2 3 5 ? 6 7 S W E R T Y U A S D F G H N V B . de 1 Class 1-new! Class the problem Enter disposal and CCA as negative amounts Class UCC at the beginning of the period Add: Additions Deduct: Disposals Add: Acell Adj. deduct 1/2 year rule Class 12) Subtotal - CCA Rate (N) Deduct: Capitalcowance Deduct: Acolle Add 1/2 year rule (cas -UCC the end of the period Class 10 Class 101 Class 12 Class 50 UCC at the beginning of the period Add: Add to BCover het please read CCA Question BCCA + . 2 D 3 8 9 W E U A S D G H . J Z C V B N N Alt BTB Merge Center $ - % Conditional Format Sys 0 H CH10 USU LIS UCC at the beginning of the period Add: Additions Deduct: Disposals Add: Acell Adj. (deduct 1/2 year rue Class 13) Subtotal-CCA base Rate Deduct: Capital cortowance Deduct: Adi Ador Add 1/2 year rules 12) end of the period LUCC mark 12 marts maris Use the space below to note recapture, terminal lost, taxable capital gains, or allowable capital tones resulting from the above dipotont (4 mart Entradas Record CCA Terminal Ahow capital 1 mat Cover sheetpease read CCA Question BCCAC Class 2 3 6 8 Q W E R A S D F G H J K Z X V B B N M Alt File Home Insert Formulas Data Review View Help Editing 2 [ Paste Calibri 11 - ' ' BIUROA 2 Wrap Text Merge & Center General $ %, 508-88 Conditional Fo T Undo Clipboard Font Algement Number 814 so A H 5 7 8 9 10 11 12 1 Question- - Capital Cost Allowance (23 marks) The following information relates to Alfie Co. for its taxation year that ends on December 31, 2020: Note 1: The Company has ucc balances on January 1, 2020 for its tangible assets as follows: Class 1 (4%) - Note 2 Class 8 (20%) - Note 3 Class 10 (30N) - Note 4 $ 94,762 Class 12 (100%) - Notes $ 18,850 Class 50 (55%) - Note 6 $ 28,060 Note 2: During 2020, the building that was acquired in 2006 was sold for cash of $635,000. Of this total, $130,000 represented the value of the land on which the building was situated. The building had a capital cost of $620,000, of which $100,000 represented the value of the land at time the building was acquired. The building was replaced during 2020 with a new building at a cost of $805,000, of which $125,000 represented the value of the land. The old building was used 100 percent for office space and was allocated to a separate Class 1. The new.renlacement building is also used 10 percent for office care and is allocated to a canarata Place 1 Cover sheet - please read CCA Question ACCA Classes + Calculation Mode: Automatic 13 14 15 Workbook Statistics ASA ZenBook ESC D Note 3: During 2020, the Company purchased office furnishings for $74,000. They traded in older furnishings and received an allowance of 526,000. The capital cost of the furnishings that were traded in was $56,000 Note 4: The only vehicle purchased during 2020 was a Lexus to be used by the president of the Company. The cost of this car was $93,000. The president drives it 23,000 kilometers during the year, of which 5,750 kilometers are for employment related purposes. Notes: Computer software that is not systems software is purchased during the year $ 2,840 Note 6: The company sold all of their computer hardware for $1,000. The original cost of the hardware was $22,000, The company decided to lease their computer hardware instead. Note 7: Ale co has always deducted the maximum CCA in each year of Required: Calculate the maximum 20 o CCA that can be taken on each class of assets, the January 1, 2021 UCC balance for each class, and any other 2020 income inclusions or deductions resulting from the information provided in the problem = Cover sheet - please read CCA Question CCA Classes + Workbook Statistics cation Mode Automatic ZOS ESC 7 2 3 5 ? 6 7 S W E R T Y U A S D F G H N V B . de 1 Class 1-new! Class the problem Enter disposal and CCA as negative amounts Class UCC at the beginning of the period Add: Additions Deduct: Disposals Add: Acell Adj. deduct 1/2 year rule Class 12) Subtotal - CCA Rate (N) Deduct: Capitalcowance Deduct: Acolle Add 1/2 year rule (cas -UCC the end of the period Class 10 Class 101 Class 12 Class 50 UCC at the beginning of the period Add: Add to BCover het please read CCA Question BCCA + . 2 D 3 8 9 W E U A S D G H . J Z C V B N N Alt BTB Merge Center $ - % Conditional Format Sys 0 H CH10 USU LIS UCC at the beginning of the period Add: Additions Deduct: Disposals Add: Acell Adj. (deduct 1/2 year rue Class 13) Subtotal-CCA base Rate Deduct: Capital cortowance Deduct: Adi Ador Add 1/2 year rules 12) end of the period LUCC mark 12 marts maris Use the space below to note recapture, terminal lost, taxable capital gains, or allowable capital tones resulting from the above dipotont (4 mart Entradas Record CCA Terminal Ahow capital 1 mat Cover sheetpease read CCA Question BCCAC Class 2 3 6 8 Q W E R A S D F G H J K Z X V B B N M Alt