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PLEASE ANSWER QUICKLY WITH SOLUTION. THANK YOU PLEASE USE THIS FORMAT FOR THE ANSWER. THANKS Run-Lite Ltd., has the following information with respect to its
PLEASE ANSWER QUICKLY WITH SOLUTION. THANK YOU
Run-Lite Ltd., has the following information with respect to its depreciable property on January 1, 2023: During the 2023 taxation year, the following transactions occur: Class 820% : May 15 - Furniture with a capital cost of $30,000 was sold for $20,000. June 30 - New ergonomic desks with a cost of $70,000 were purchased. Class 10 - 30\%: Dec 20 - Run-Lite sold all the automobiles in this class for $65,000 as the company now plans to lease new vehicles in 2024. There are no assets remaining in this Class on Dec.31. Note: Assume that any depreciable property purchases meet the conditions to qualify for the Accll. Required (show all calculations): 1. For the 2023 taxation year calculate the maximum CCA that can be claimed by Run-Lite for each CCA class. 2. In addition, calculate the January 1, 2024, UcC balance for each class. 3. Indicate whether there are any other income tax consequences as a result of any of the transactions related to depreciable property in 2023. [Hint: please provide your answer in the following format with desctiption of the items and calculations under each section] - Enable the HTML Editor for inputting your PLEASE USE THIS FORMAT FOR THE ANSWER. THANKS
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