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Please help, with complete explanation and computation. Thank you. On January 2, 2021, Carlson Manufacturing had the following UCC balances: Other information related to the
Please help, with complete explanation and computation. Thank you.
On January 2, 2021, Carlson Manufacturing had the following UCC balances: Other information related to the company's depreciable property is as follows: 1. During 2021, the company acquired additional manufacturing and processing equipment at a cost of $106,000. 2. During 2021, there were additions to class 50 with a capital cost of $15,600. 3. During 2021, three vehicles were acquired at a cost of $22,000 each. In addition, a delivery van with a capital cost of $43,000 was sold for $21,000. 4. The property in class 10.1 was the CEO's $462,000 Bentley. This passenger vehicle was sold during 2021 for $283,000. 5. The January 1,2021, balance in class 13 reflected leasehold improvements that were made in 2019 , the year in which the lease commenced. These improvements were made on a property leased as office space for the company's executives. The basic lease term is for eight years, with an option to renew for a period of two years. Additional improvements, costing $52,000, were made during 2021. 6. During 2021, the company acquired class 8 property at a capital cost of $146,000. Class 8 Properties with a capital cost of $85,000 was sold for proceeds of $56,000. None of the class 8 properties were sold for amounts greater than their capital cost. Carlson Manufacturing always claims maximum CCA on each class of depreciable property. Required: - Calculate the maximum CCA that can be claimed by Carlson Manufacturing on each class of property for the year ending December 31, 2021. For Items 1 to 6 - Calculate the UCC for each class as of January 1, 2022, and determine the amount of any capital gains, recapture, or terminal loss. Ignore GST/HST \& PST considerationsStep by Step Solution
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