Sunlite Ltd., has the following information with respect to its depreciable property on January 1,2022 : During the 2022 taxation year, the following transactions occur: Class 8 - 20\%: April 15 - Furniture with a capltal cost of 540,000 was sold for $35,000. June 30 - New ergonomic desks with a cost of $85,000 were purchased. There is still property in class 8 on the last day of the taxation year. Class 1- New Building (10%;6%). March 5 - New building purchased with a capital cost of 5450,000.0 of this total 10% was allocated to Land and 90% to Building. The floor space of the building will be used 95% for manufacturing and processing (MSP) and 5% for office space for the M\&P activities, An election was filed to include the buliding in a separate class 1. Class 1 - Old Building (4%) ) July 10 - During the year, a building (including fand) purchased in 2001 with a capital cost of $350,000 wos sold for $380,000. Of the $380,000 received, $150,000 is for the land on which the building is situated and the remaining $230,000 for the bulding. The ACB of the land was equal to $150,000 poD. Nete: Assume that any depreciable property purchases meet the condivions to qually for the Aech. Required (show all calculations): 1. For the 2022 taxation year calculate the maximum CCA that can be claimed by sunlite for each CCA class. Required (show all calculations): 1. For the 2022 taxation year calculate the maximum CCA that can be claimed by Sunlite for each CCA class. 2. In addition, calculate the January 1, 2023, UCC balance for each class. 3. Indicate whether there are any other income tax consequences as a result of any of the transactions related to depreciable property in 2022. [Hint: please provide your answer in the following format with description of the items and calculations under each section] - Enable the HTML Editor for inputting your answer Sunlite Ltd., has the following information with respect to its depreciable property on January 1,2022 : During the 2022 taxation year, the following transactions occur: Class 8 - 20\%: April 15 - Furniture with a capltal cost of 540,000 was sold for $35,000. June 30 - New ergonomic desks with a cost of $85,000 were purchased. There is still property in class 8 on the last day of the taxation year. Class 1- New Building (10%;6%). March 5 - New building purchased with a capital cost of 5450,000.0 of this total 10% was allocated to Land and 90% to Building. The floor space of the building will be used 95% for manufacturing and processing (MSP) and 5% for office space for the M\&P activities, An election was filed to include the buliding in a separate class 1. Class 1 - Old Building (4%) ) July 10 - During the year, a building (including fand) purchased in 2001 with a capital cost of $350,000 wos sold for $380,000. Of the $380,000 received, $150,000 is for the land on which the building is situated and the remaining $230,000 for the bulding. The ACB of the land was equal to $150,000 poD. Nete: Assume that any depreciable property purchases meet the condivions to qually for the Aech. Required (show all calculations): 1. For the 2022 taxation year calculate the maximum CCA that can be claimed by sunlite for each CCA class. Required (show all calculations): 1. For the 2022 taxation year calculate the maximum CCA that can be claimed by Sunlite for each CCA class. 2. In addition, calculate the January 1, 2023, UCC balance for each class. 3. Indicate whether there are any other income tax consequences as a result of any of the transactions related to depreciable property in 2022. [Hint: please provide your answer in the following format with description of the items and calculations under each section] - Enable the HTML Editor for inputting your
