For each question , provide the effect on the reconciliation of Net Loss for Accounting Purposes to minimum Net Business Income Loss for Tax Purposes Additions to Net Loss for Accounting Purposes should be entered in the box as a positive number Deductions from Net Loss for Accounting Purposes should be entered in the box as a negative number If the item would nave no effect on the reconciliation, enter the number 0 in the box Important Round all answers to the nearest dollar where applicable Be sure about the sign of your answer Items will be marked as incorrect if they have the wrong sign QUESTION 1 The Company has a Class 8 balance of $10,500 at the beginning of 2021 relating to their office furniture The Company disposed of all remaining assets in Class 8 during the renovation of the office building The capital cost of these assets was $15,400 and the proceeds of disposition amounted to $3,800 The company has chosen to lease office furniture going forward so no additional Class 8 assets were purchased in the year Ignore any accounting loss that would have resulted from this transaction

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For each question, provide the effect on the reconciliation of Net Loss for Accounting Purposes to minimum Net Business Income/Loss for Tax Purposes . Additions

For each "question", provide the effect on the reconciliation of Net Loss for Accounting Purposes to minimum Net Business Income/Loss for Tax Purposes.

Additions to Net Loss for Accounting Purposes should be entered in the box as a positive number.
Deductions from Net Loss for Accounting Purposes should be entered in the box as a negative number.
If the item would nave no effect on the reconciliation, enter the number 0 in the box.

Important:

Round all answers to the nearest dollar where applicable.
Be sure about the sign of your answer. Items will be marked as incorrect if they have the wrong sign.

QUESTION 1:

The Company has a Class 8 balance of $10,500 at the beginning of 2021 relating to their office furniture. The Company disposed of all remaining assets in Class 8 during the renovation of the office building. The capital cost of these assets was $15,400 and the proceeds of disposition amounted to $3,800. The company has chosen to lease office furniture going forward so no additional Class 8 assets were purchased in the year. Ignore any accounting loss that would have resulted from this transaction.