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Question 2: Time: 15 minutes Total: 10 marks Amandeep Corporation purchased a long-term asset for $100,000. The asset has a 20% CCA rate. At the

Question 2:

Time: 15 minutes

Total: 10 marks

Amandeep Corporation purchased a long-term asset for $100,000. The asset has a 20% CCA rate. At the end of year 5, Amandeep sold the asset for 30,000. Given this information, determine the value of the terminal loss or recapture at the end of year 5. Show calculations in detail.

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