Question
Maple Enterprises Ltd., a public corporation, has always claimed maximum CCA. The following information relates to the corporation's capital transactions: 1. The undepreciated capital
Maple Enterprises Ltd., a public corporation, has always claimed maximum CCA. The following information relates to the corporation's capital transactions: 1. The undepreciated capital cost of certain CCA classes at the end of the previous taxation year was as follows: Class 1 $266,200 (one building in class) 252,900 Class 8 2. In 2022, the company expanded into the manufacturing business by purchasing the following assets: Equipment (manufacturing) Product licence for an indefinite period $39,900 13,000 3. The building was sold in 2022 for $346,100 (original cost-$306,100). 4. During 2022, the company purchased office furniture for $18,600. Required: Complete the table below using the given information. (If an item is not relevant, leave blank. Use a minus sign (-) when entering numbers that reduce UCC.) UCC, beginning of year Add Purchases Less Disposal Recapture Less CCA Ending UCC Business income: Recapture Less: CCA Net Increase (decrease) to business income Taxable Capital Gain (allowable capital loss) Class 1 Building Class 8 Furniture Class 14.1 Intangible License Class 53 Manufacturing equipment $ 0 $ 0 $ 0 $ 0
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