Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 6 (2 points) Kinnetics Inc. purchased Equipment Z for $25,000 on January 2, 2015. Kinnetics is subject to a 25% tax rate and all

image text in transcribed

Question 6 (2 points) Kinnetics Inc. purchased Equipment Z for $25,000 on January 2, 2015. Kinnetics is subject to a 25% tax rate and all of Kinnetics' depreciable assets are Class 10 with a CCA of 30%. Kinnetics Inc. beginning UCC is $90,000 in 2016. In 2016, Kinnetics Inc. replaced Equipment Z with Equipment Z+. It was able to sell Equipment Z for $21,500 and Equipment Z+ cost $27,000. What is the CCA for 2016? Instructions: Enter your answer below with a $ sign and comma to separate thousands. Round of your answer to the nearest Dollar. Example if your answer is $33,333.33 then enter $33,333 in the box below. Do not leave a space between the commas, numbers, or dollar sign. Do not use decimal places at all

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction to Managerial Accounting

Authors: Peter Brewer, Ray Garrison, Eric Noreen

7th edition

978-0078025792

Students also viewed these Accounting questions