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i need amount of additions and disposition , maximum cca, ucc of class for each of the five classes upload the answer as soon as
i need amount of additions and disposition , maximum cca, ucc of class for each of the five classes upload the answer as soon as possible
the compary ale as loiliows View the purchases of deprectatle property. Wous the derasitinas. Yow addional information Poad the revurements. Class 1-building (Rowend your answers to the nearest dollar For entres with a $0 balance, make sure to enter " 0in the appropriate input field) UCC Balances Dispositions During this same period, the following dispositions occurred. Class 8 - Used office furniture and equipment was sold for $35,200. The capital cost of the property was $22,400. Class 10 - A delivery truck with a capital cost of $22,500 was sold for $8,300. Class 53 - Since the manufacturing operations will be done by subcontractors in the future, all of the manufacturing equipment was sold for $186,000. Its capital cost was $751,600. Purchases Additional Information 1. The company leases a building for $26;800 per year that houses a portion of its manufacturing operations. The lease was negotiated on January 1, 2019, and has an original lease term of eight years. There are two renewal options on the lease, each for four years. The company made $78,500 of leasehold improvements in 2019 immediately after signing the lease. No further leasehold improvements were made until the current year. 2. On February 24, 2022, one of the company's cars was totally destroyed in an accident. At the time of the accident, the FMV of the car was $12,200. The proceeds from the company's insurance policy were only $8,300. The capital cost of the car was $16,900. 3. In March 2022, the company granted a manufacturing licence for one of its products to a company in southern Ontario. This licensee paid $86,500 for the right to manufacture this product for an unlimited period of time. 4. It is the policy of the company to claim maximum CCA in all years. Required Calculate the maximum 2022 CCA that can be claimed on each class of property, the January 1, 2023, UCC balance for each class, and any other 2022 income tax consequences from the information provided in the problem. Assume that none of the depreciable property purchases involved non-arm's-length persons nor were they acquired on a rollover basis. In each case the company did not previously own any of the property acquired. the compary ale as loiliows View the purchases of deprectatle property. Wous the derasitinas. Yow addional information Poad the revurements. Class 1-building (Rowend your answers to the nearest dollar For entres with a $0 balance, make sure to enter " 0in the appropriate input field) UCC Balances Dispositions During this same period, the following dispositions occurred. Class 8 - Used office furniture and equipment was sold for $35,200. The capital cost of the property was $22,400. Class 10 - A delivery truck with a capital cost of $22,500 was sold for $8,300. Class 53 - Since the manufacturing operations will be done by subcontractors in the future, all of the manufacturing equipment was sold for $186,000. Its capital cost was $751,600. Purchases Additional Information 1. The company leases a building for $26;800 per year that houses a portion of its manufacturing operations. The lease was negotiated on January 1, 2019, and has an original lease term of eight years. There are two renewal options on the lease, each for four years. The company made $78,500 of leasehold improvements in 2019 immediately after signing the lease. No further leasehold improvements were made until the current year. 2. On February 24, 2022, one of the company's cars was totally destroyed in an accident. At the time of the accident, the FMV of the car was $12,200. The proceeds from the company's insurance policy were only $8,300. The capital cost of the car was $16,900. 3. In March 2022, the company granted a manufacturing licence for one of its products to a company in southern Ontario. This licensee paid $86,500 for the right to manufacture this product for an unlimited period of time. 4. It is the policy of the company to claim maximum CCA in all years. Required Calculate the maximum 2022 CCA that can be claimed on each class of property, the January 1, 2023, UCC balance for each class, and any other 2022 income tax consequences from the information provided in the problem. Assume that none of the depreciable property purchases involved non-arm's-length persons nor were they acquired on a rollover basis. In each case the company did not previously own any of the property acquiredStep by Step Solution
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