Jacob Kilmer is the sole shareholder of Kilmer Consulting Ltd., which provides professional consulting services to several organizations in the oil and gas industry. Kilmer Consulting Ltd. was incorporated on September 1, 2019, and the corporation has selected a fiscal year-end of December 31. The corporation leases office space in Calgary, Alberta. It is now March 2020, and you are preparing the corporate tax return for Kilmer Consulting Ltd. for the fiscal year ended December 31,2019 , which includes the first four months of operations from September 1 to December 31, 2019. Jacob Kilmer informs you that the corporation is doing well and he has developed a strong network of clients in the oil and gas consulting industry. (Click on the icon to view the transactions.) Required Requirement 1. Determine the appropriate Capital Cost Allowance classes for each of the capital asset acquisitions: Select the appropriate class for each asset. Requirement 2. Jacob has heard that capital assets cannot be depreciated until they are considered "available for use." Explain the "available for use" rules for tax purposes and when the capital asset Jacob Kilmer is the sole shareholder of Kilme on September 1, 2019, and the corporation ha Transactions It is now March 2020, and you are preparing September 1 to December 31, 2019. Jacob K gas industry. Kilmer Consulting Ltd. was incorporated 6. (Click on the icon to view the transactions) 1. On September 1, 2019, Kilmer Consulting purchased several pieces of office furniture for the rented office space including several chairs, a small desk, several small side tables, and two sofas. The total cost of all purchased furniture was $42,100. 2. On September 6,2019 , Kilmer Consulting purchased laptop computers and a printer for a total cost of $5,305. 3. On November 1, 2019, Kilmer Consulting purchased a luxury sedan for Requirement 1. Determine the appropriate O $52,000. The vehicle will be used by the sole shareholder, Jacob Kilmer, as Select the appropriate class for each asset. he often needs to travel to meet clients or to inspect potential job sites. Requirement 2. Jacob has heard that capital " rules for tax purposes and when the capital assel Requirement 1. Determine the appropriate Capital Cost Allowance classes for each of the capital asset acquisitions. Select the appropriate class for each asset. Requirement 2. Jacob has heard that capital assets cannot be depreciated until they are considered "available for use." Explain the "available for use" rules for tax purposes and when the capital asset purchases in the current fiscal period would be considered available for use by the corporation to Jacob. Choose the correct statement below. A. "Available for use" means that the asset has been purchased and the sale has been finalized. However, additions to a class for asset purchases are made when the asset is available for its intended use. B. "Available for use" generally means that the asset is ready to be used for its intended purpose. Additions to a class for asset purchases are made when the asset is purchased. Requirement 2. Jacob has heard that capital assets cannot be depreciated until they are considered "available for use." Explain the "available for use" rules for tax purposes and when the capital asset purchases in the current fiscal period would be considered available for use by the corporation to Jacob. Choose the correct statement below. A. "Available for use" means that the asset has been purchased and the sale has been finalized. However, additions to a class for asset purchases are made when the asset is available for its intended use. B. "Available for use" generally means that the asset is ready to be used for its intendeorpurpose. Additions to a class for asset purchases are made when the asset is purchased. C. "Available for use" generally means that the asset is ready to be used for its intended purpose, and additions to a class for asset purchases are made when the asset is available for its intended use. D. "Available for use" generally means that the asset is purchased and delivered. Additions to a class for asset purchases are made when the asset is delivered. Requirement 3. Calculate the maximum Capital Cost Allowance deduction that can be claimed for Kilmer Consulting Ltd. as well as the closing Undepreciated Capital Cost balances for each class at the end of 2019. Select the classes that represent the collection of assets in the table below. Then enter the maximum Capital Cost Allowance deduction and the closing Undepreciated Capital Cost balances for 2019 for each class. (Round amounts to the nearest dollar. Leave unused cells blank; do not enter "0.") Jacob Kilmer is the sole shareholder of Kilmer Consulting Ltd., which provides professional consulting services to several organizations in the oil and gas industry. Kilmer Consulting Ltd. was C. "Available for use" generally means that the asset is ready to be used for its intended purpose, and additions to a class for asset purchases are made when the asset is available for its intended use. D. "Available for use" generally means that the asset is purchased and delivered. Additions to a class for asset purchases are made when the asset is delivered. Requirement 3. Calculate the maximum Capital Cost Allowance deduction that can be claimed for Kilmer Consulting Ltd. as well as the closing Undepreciated Capital Cost balances for each class at the end of 2019. Select the classes that represent the collection of assets in the table below. Then enter the maximum Capital Cost Allowance deduction and the closing Undepreciated Capital Cost balances for 2019 for each class. (Round amounts to the nearest dollar. Leave unused cells blank; do not enter "(cs') Jacob Kilmer is the sole shareholder of Kilmer Consulting Ltd., which provides professional consulting services to several organizations in the oil and gas industry. Kilmer Consulting Ltd. was incorporated on September 1, 2019, and the corporation has selected a fiscal year-end of December 31. The corporation leases office space in Calgary, Alberta. It is now March 2020, and you are preparing the corporate tax return for Kilmer Consulting Ltd. for the fiscal year ended December 31,2019 , which includes the first four months of operations from September 1 to December 31, 2019. Jacob Kilmer informs you that the corporation is doing well and he has developed a strong network of clients in the oil and gas consulting industry. (Click on the icon to view the transactions.) Required Requirement 1. Determine the appropriate Capital Cost Allowance classes for each of the capital asset acquisitions: Select the appropriate class for each asset. Requirement 2. Jacob has heard that capital assets cannot be depreciated until they are considered "available for use." Explain the "available for use" rules for tax purposes and when the capital asset Jacob Kilmer is the sole shareholder of Kilme on September 1, 2019, and the corporation ha Transactions It is now March 2020, and you are preparing September 1 to December 31, 2019. Jacob K gas industry. Kilmer Consulting Ltd. was incorporated 6. (Click on the icon to view the transactions) 1. On September 1, 2019, Kilmer Consulting purchased several pieces of office furniture for the rented office space including several chairs, a small desk, several small side tables, and two sofas. The total cost of all purchased furniture was $42,100. 2. On September 6,2019 , Kilmer Consulting purchased laptop computers and a printer for a total cost of $5,305. 3. On November 1, 2019, Kilmer Consulting purchased a luxury sedan for Requirement 1. Determine the appropriate O $52,000. The vehicle will be used by the sole shareholder, Jacob Kilmer, as Select the appropriate class for each asset. he often needs to travel to meet clients or to inspect potential job sites. Requirement 2. Jacob has heard that capital " rules for tax purposes and when the capital assel Requirement 1. Determine the appropriate Capital Cost Allowance classes for each of the capital asset acquisitions. Select the appropriate class for each asset. Requirement 2. Jacob has heard that capital assets cannot be depreciated until they are considered "available for use." Explain the "available for use" rules for tax purposes and when the capital asset purchases in the current fiscal period would be considered available for use by the corporation to Jacob. Choose the correct statement below. A. "Available for use" means that the asset has been purchased and the sale has been finalized. However, additions to a class for asset purchases are made when the asset is available for its intended use. B. "Available for use" generally means that the asset is ready to be used for its intended purpose. Additions to a class for asset purchases are made when the asset is purchased. Requirement 2. Jacob has heard that capital assets cannot be depreciated until they are considered "available for use." Explain the "available for use" rules for tax purposes and when the capital asset purchases in the current fiscal period would be considered available for use by the corporation to Jacob. Choose the correct statement below. A. "Available for use" means that the asset has been purchased and the sale has been finalized. However, additions to a class for asset purchases are made when the asset is available for its intended use. B. "Available for use" generally means that the asset is ready to be used for its intendeorpurpose. Additions to a class for asset purchases are made when the asset is purchased. C. "Available for use" generally means that the asset is ready to be used for its intended purpose, and additions to a class for asset purchases are made when the asset is available for its intended use. D. "Available for use" generally means that the asset is purchased and delivered. Additions to a class for asset purchases are made when the asset is delivered. Requirement 3. Calculate the maximum Capital Cost Allowance deduction that can be claimed for Kilmer Consulting Ltd. as well as the closing Undepreciated Capital Cost balances for each class at the end of 2019. Select the classes that represent the collection of assets in the table below. Then enter the maximum Capital Cost Allowance deduction and the closing Undepreciated Capital Cost balances for 2019 for each class. (Round amounts to the nearest dollar. Leave unused cells blank; do not enter "0.") Jacob Kilmer is the sole shareholder of Kilmer Consulting Ltd., which provides professional consulting services to several organizations in the oil and gas industry. Kilmer Consulting Ltd. was C. "Available for use" generally means that the asset is ready to be used for its intended purpose, and additions to a class for asset purchases are made when the asset is available for its intended use. D. "Available for use" generally means that the asset is purchased and delivered. Additions to a class for asset purchases are made when the asset is delivered. Requirement 3. Calculate the maximum Capital Cost Allowance deduction that can be claimed for Kilmer Consulting Ltd. as well as the closing Undepreciated Capital Cost balances for each class at the end of 2019. Select the classes that represent the collection of assets in the table below. Then enter the maximum Capital Cost Allowance deduction and the closing Undepreciated Capital Cost balances for 2019 for each class. (Round amounts to the nearest dollar. Leave unused cells blank; do not enter "(cs')