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Nick Ltd., with a taxation year that ends on December 31. The Company has a Class 8 (20 percent) UCC balance on January 1, 2019
| Nick Ltd., with a taxation year that ends on December 31. | ||||
| The Company has a Class 8 (20 percent) UCC balance on January 1, 2019 of: | $1,050,000 | |||
| During 2019, it acquires eligible AccII Class 8 assets at a total cost of: | $180,000 | |||
| The Company also disposes of Class 8 assets for total proceeds of: | $90,000 | |||
| The Class 8 Assets disposed off had a cost of: | $70,000 | |||
| Determine the maximum Class 8 CCA that Nick Ltd. can deduct for 2019. | ||||
| Determine the UCC balance at January 1st, 2020. | ||||
| Explain any other tax consequences for the year 2019. | ||||
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Advanced Financial Accounting
Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker
10th edition
978-0078025624
