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Spider Ltd. had the following accounts in Year 1: Revenue $100,000, COGS $65,000, Salaries $45,000, Gain on Sale of Assets $20,000, Administrative Expenses $8,000. Which
Spider Ltd. had the following accounts in Year 1: Revenue $100,000, COGS $65,000, Salaries $45,000, Gain on Sale of Assets $20,000, Administrative Expenses $8,000. Which of the following is correct?
1) Spider Ltd. will have a non-capital loss carry forward of $4,000 at the end of the year.
2) Spider Ltd. will have a non-capital loss carry forward of $8,000 at the end of the year.
3) Spider Ltd. will have a non-capital loss carry forward of $18,000 at the end of the year.
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