Question
Five identical vehicles which cost $500,000 (total) are acquired on April 1, 2018. Their estimated residual value is $20,000 and expected life is eight years.
Five identical vehicles which cost $500,000 (total) are acquired on April 1, 2018. Their estimated residual value is $20,000 and expected life is eight years. These assets are Class 10 with a maximum CCA rate of 30%. The company has a December 31 year end. Required Calculate the depreciation expense/CCA (to the nearest dollar) by each of the following methods:
1. Straight-line for 2018
2. Double declining-balance for 2019
3. Maximum Capital cost allowance for 2019
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College Accounting A Practical Approach Chapters 1-25
Authors: Jeffrey Slater
12th Edition
013277206X, 978-0132772068
