Photo Tonight a film developing and camer-repair franchise, began business on January 1, 2020. In the process of beginning operations, it incurred the following captal expenditures Developing equipment Furniture and fixtures Small tools (under $500) Claus Franchise lexples in 20 years) Incorporation costs Pickup truck Class 13 Leasehold improvements (10-year lease) $ 85.000 35.000 20.000 80.000 6.000 14.000 32.000 The business was immediately successful and generated substantial profits for the years ended December 31, 2020 and 2021 In 2021, the truck was traded in for a larger unit costing $ 20.100. A value of $ 7.000 was assigned to the old truck when it was traded in in 2022, the owner was forced to leave the business due to illness. As a result, the assets were valued and sold on December 31, 2022. for the following values Developing equipment Furniture and fixtures Small tools Franchise Incorporation costs Pickup truck Leasehold improvements Goodwil $ 65,000 15.000 12.000 84.000 15.000 15,000 40.000 Required Complete the table below to calculate the effect of all these transactions on net income for tax purposes for the 2020 2021 and 2022 taxation years. (Una minus slon (-) when entering numbers that reduce UCC) Rate Furniture 10 Truck 12 Small Tools Franchise 13 Leasehold Improvements 51 14.1 Manufacturing Incorporation Equipment co Goodw. Ince (Decrease on Net income 2020 Purchase CCA UCC 2021 Purchase Disposa OCA UCC 2022 Pro 3 Photo Tonight a film developing and camer-repair franchise, began business on January 1, 2020. In the process of beginning operations, it incurred the following captal expenditures Developing equipment Furniture and fixtures Small tools (under $500) Claus Franchise lexples in 20 years) Incorporation costs Pickup truck Class 13 Leasehold improvements (10-year lease) $ 85.000 35.000 20.000 80.000 6.000 14.000 32.000 The business was immediately successful and generated substantial profits for the years ended December 31, 2020 and 2021 In 2021, the truck was traded in for a larger unit costing $ 20.100. A value of $ 7.000 was assigned to the old truck when it was traded in in 2022, the owner was forced to leave the business due to illness. As a result, the assets were valued and sold on December 31, 2022. for the following values Developing equipment Furniture and fixtures Small tools Franchise Incorporation costs Pickup truck Leasehold improvements Goodwil $ 65,000 15.000 12.000 84.000 15.000 15,000 40.000 Required Complete the table below to calculate the effect of all these transactions on net income for tax purposes for the 2020 2021 and 2022 taxation years. (Una minus slon (-) when entering numbers that reduce UCC) Rate Furniture 10 Truck 12 Small Tools Franchise 13 Leasehold Improvements 51 14.1 Manufacturing Incorporation Equipment co Goodw. Ince (Decrease on Net income 2020 Purchase CCA UCC 2021 Purchase Disposa OCA UCC 2022 Pro 3
