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Please see attached. Your assistance is greatly appreciated . Flow#StaySafe 8:12 AM @5% all Flow#StaySafe 8:12 AM < Back Jamaican Taxation Project_#20f... assessmen . 7.
Please see attached. Your assistance is greatly appreciated
all Flow#StaySafe 8:12 AM < Back Jamaican Taxation Project_#20f... assessmen . 7. The company had plant and equipment (used in the manufacture of its products) which it purchased five years ago at a cost of $10,000,000, depreciating it at 10% (straight line basis) for all of its useful life. The asset was sold after five years, that is, in the current year of assessment, for $7,000,000. The amount gained/lost on this disposal was correctly treated from an accounting perspective. The current depreciation charge and relevant capital allowances have already been included. 8. The company has a main, large contractor who specializes in construction among its clientele. The company earned $20,000,000 under contracts for services with this contractor. This amount is included in the gross operating income. Two Towers has the certificate of tax suffered on the $20,000,000. 9. Depreciation includes $2,000,000 being the cost of plant and equipment (purchased in 2020) used for the manufacture of goods. This amount was already added back correctly to the profit. 10. It was decided that the aesthetic appeal of the accounting office would be enhanced by installing decorative, moveable partitions made of solid, oaken wood, a similar material to the rest of the office building and with a similar expected useful life for tax purposes. The partitions cost $705,000 and this amount was included in General Expenses. 11. The Two Towers premises consists of the following
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