Answered step by step
Verified Expert Solution
Question
1 Approved Answer
provide answers for each class for maximum CCA and UCC balance AP 5-4 (CCA Calculations) The calendar-based taxation year of the Bostik Manufacturing Company, a
provide answers for each class for maximum CCA and UCC balance
AP 5-4 (CCA Calculations) The calendar-based taxation year of the Bostik Manufacturing Company, a CCPC, ends on Decem- ber 31. On January 1, 2022, the UCC balances for the various classes of depreciable property owned by the company are as follows: Class IBuilding (Note 1) Class 80ffice furniture Class 10Vehicles Class 10. IPresident's car Class 13Leasehold improvements Class 14 1 . Intangible Property Class 50Computer hardware Class 53Manufacturing equipment $342,000 66,000 225,000 16,500 26,125 Nil 48,000 126,000 Notel The class 1 building was acquired new in 2020 for $400,000. One hundred percent of its floor space is used for manufacturing and processing. In addition, the company filed a timely election to include the building in a separate class 1. In the 2022 taxation year, the following purchases were made: Class 80ffice furniture Class 10Vehicles (Note 2) Class 12Tools (Note 3) Class 13Leasehold improvements Class 50Computer hardware $ 12,000 115,000 17,000 22,000 11 ,ooo
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started