Question 1: Art and Science College (ASC) is a private college established in 2016. The college...
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Question 1: Art and Science College (ASC) is a private college established in 2016. The college is an educational institution approved by the Minister of Education. ASC offers a new diploma in taxation which starts its first semester in December 2020. In 2019 ASC acquired a piece of land and started the construction of a new building to accommodate the new taxation students. The following expenditures were incurred for the construction: Expenditures Cost of land Stamp duties on land acquisition Cost leveling the land Architect fee Interest on loan for construction purpose Legal charges related to loan application Construction cost Water system and electrical works Construction of roads and parking area RM 50,000 3,000 4,000 8,000 60,000 7,000 600,000 60,000 40,000 230 The construction work was completed in November 2020 and 14% of the building was used for administrative purposes. In 2021, ASC purchased a building at the cost of RM1.5 million including the cost of land amounting to RM600,000. The building is use as a venue for technical and vocational training approved by the Minister of Finance. REQUIRED: With reference to the ITA 1967, compute the industrial building allowance due to ASC for the relevant years up to year of assessment 2021. Question 1: Art and Science College (ASC) is a private college established in 2016. The college is an educational institution approved by the Minister of Education. ASC offers a new diploma in taxation which starts its first semester in December 2020. In 2019 ASC acquired a piece of land and started the construction of a new building to accommodate the new taxation students. The following expenditures were incurred for the construction: Expenditures Cost of land Stamp duties on land acquisition Cost leveling the land Architect fee Interest on loan for construction purpose Legal charges related to loan application Construction cost Water system and electrical works Construction of roads and parking area RM 50,000 3,000 4,000 8,000 60,000 7,000 600,000 60,000 40,000 230 The construction work was completed in November 2020 and 14% of the building was used for administrative purposes. In 2021, ASC purchased a building at the cost of RM1.5 million including the cost of land amounting to RM600,000. The building is use as a venue for technical and vocational training approved by the Minister of Finance. REQUIRED: With reference to the ITA 1967, compute the industrial building allowance due to ASC for the relevant years up to year of assessment 2021.
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Financial Accounting Tools for business decision making
ISBN: 978-0470534779
6th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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