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How can I find original cost? Asset Valuation Alberta Ltd. Balance Sheet December 31, 2016 Net Book Value Est. Market Value Cash Marketable Securities Accounts
How can I find original cost?
Asset Valuation Alberta Ltd. Balance Sheet December 31, 2016 Net Book Value Est. Market Value Cash Marketable Securities Accounts Receivable Inventories $ 73,000 124,000 150,000 145,000 $ 73,000 188,000 150,000 120,000 Total Current Assets $492.000 Land Building Equipment Furniture and Fixtures 146,000 234,000 168,000 48.000 250,000 500,000 175,000 20,000 Total Assets $1,088,000 Accounts Payable Accrued Liabilities Note Payable Total Liabilities $102,000 16,000 19,000 $137,000 Common Stocks Retained Earnings 1,000 950,000 Total Liabilities and Equity 1,088,000 Other information: Sales commissions equal 5% of gross proceeds on the disposition of fixed assets Assume all assets are disposed of at their Undepreciated Capital Cost balance amounts, so there are no recapture or terminal losses on any CCA classes. $40,000 in professional fees and others costs to wind up corporation Company tax rate on all income 40%. Note: In Canada, capital gains are included in income for taxes at 50% of the actual capital gain. There are no capital losses allowed on depreciable assets. Asset Valuation Alberta Ltd. Balance Sheet December 31, 2016 Net Book Value Original Cost Est. Market Value $ 73,000 $ 73,000 124,000 124,000 188,000 150,000 150,000 150,000 145,000 145,000 120,000 Cash Marketable Securities Accounts Receivable Inventories Total Current Assets $492.000 Land Building Equipment Furniture and other 146,000 234,000 168,000 48,000 146,000 440,000 393,000 79,000 250,000 500,000 175,000 20,000 Total Assets $1,088,000 Accounts Payable Accrued Liabilities Note Payable Total Liabilities $102,000 16,000 19,000 $137,000 Common Stocks Retained Earnings 1,000 950,000 Total Liabilities and Equity 1,088,000 Other information: Sales commissions equal 5% of gross proceeds on the disposition of fixed assets $40,000 in professional fees and others costs to wind up corporation Company tax rate on all income 40%. Capital gains are included at 50% for tax purposes. No capital losses allowed on depreciable assets for tax purposes. Asset Valuation Alberta Ltd. Balance Sheet December 31, 2016 Net Book Value Est. Market Value Cash Marketable Securities Accounts Receivable Inventories $ 73,000 124,000 150,000 145,000 $ 73,000 188,000 150,000 120,000 Total Current Assets $492.000 Land Building Equipment Furniture and Fixtures 146,000 234,000 168,000 48.000 250,000 500,000 175,000 20,000 Total Assets $1,088,000 Accounts Payable Accrued Liabilities Note Payable Total Liabilities $102,000 16,000 19,000 $137,000 Common Stocks Retained Earnings 1,000 950,000 Total Liabilities and Equity 1,088,000 Other information: Sales commissions equal 5% of gross proceeds on the disposition of fixed assets Assume all assets are disposed of at their Undepreciated Capital Cost balance amounts, so there are no recapture or terminal losses on any CCA classes. $40,000 in professional fees and others costs to wind up corporation Company tax rate on all income 40%. Note: In Canada, capital gains are included in income for taxes at 50% of the actual capital gain. There are no capital losses allowed on depreciable assets. Asset Valuation Alberta Ltd. Balance Sheet December 31, 2016 Net Book Value Original Cost Est. Market Value $ 73,000 $ 73,000 124,000 124,000 188,000 150,000 150,000 150,000 145,000 145,000 120,000 Cash Marketable Securities Accounts Receivable Inventories Total Current Assets $492.000 Land Building Equipment Furniture and other 146,000 234,000 168,000 48,000 146,000 440,000 393,000 79,000 250,000 500,000 175,000 20,000 Total Assets $1,088,000 Accounts Payable Accrued Liabilities Note Payable Total Liabilities $102,000 16,000 19,000 $137,000 Common Stocks Retained Earnings 1,000 950,000 Total Liabilities and Equity 1,088,000 Other information: Sales commissions equal 5% of gross proceeds on the disposition of fixed assets $40,000 in professional fees and others costs to wind up corporation Company tax rate on all income 40%. Capital gains are included at 50% for tax purposes. No capital losses allowed on depreciable assets for tax purposesStep by Step Solution
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