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taxation please answer fast The following information relates to the ABC's depreciable assets. Class 1-During 2021, a new manufacturing building was constructed for a total

taxation please answer fast

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The following information relates to the ABC's depreciable assets. Class 1-During 2021, a new manufacturing building was constructed for a total cost of $778,000. Of this total, it is estimated that the value of the land is $200,000. The building will be used 100 percent for manufacturing. It will be allocated to a separate Class 1. Class 3 - The January 1, 2021 balance in this class was $798,000. During 2021, one of the warehouses in this class burned to the ground. It had a capital cost of $150,000. Insurance proceeds totaled $185,000. Class 8 - The January 1, 2021 balance in this class was $346,000. During 2021, the Company acquired Class 8 assets at a cost of $55,000. Class 8 assets with a capital cost of $96,000 were sold for proceeds of $67,000. None of the individual assets sold had proceeds that exceeded their individual capital cost. Class 10.1 - The January 1, 2021 balance in this Class was $17,850. The only asset in this Class was the CEO's $350,000 Bentley. At the instructions of the Company's directors, who felt this vehicle was excessively extravagant, the car was sold for $275,000 during 2021. Class 14.1 - The January 1, 2021 balance in this Class was $16,000. There are 2 assets in the class. One of the assets, a patent, was sold to a competitor at the end of the year for $5,000. The original cost of the patent was $20,000. A new license was also purchased for $25,400. Class 50 - The January 1, 2021 balance in this Class was $101,000. During 2021, there were additions to this Class with a capital cost of $44,000. Class 53 - The January 1, 2021 balance in this class was $63,000. The capital cost of the assets in this Class was $84,000. All of these assets were sold during 2021. The proceeds totaled $51,000. None of the individual assets sold had proceeds that exceeded their individual capital - cost. ABC always takes maximum CCA on each Class of depreciable assets. Required: Calculate the maximum CCA that can be taken by ABC on each class of assets for the year ending December 31, 2021 and calculate the UCC for each class of assets on January 1, 2022. In addition, determine the amount of any capital gain, recapture, or terminal loss that arises. Ignore GST/HST/PST considerations. Use the following format: Class # Depreciation rate: Class # Depreciation rate: Opening UCC, Jan 1, 2021 Additions Disposals Ending UCC CCA on opening balance (if any) CCA on net additions (if positive) CCA on the adjusted balance (where the net additions are positive) Total CCA Ending UCC, Dec 31, 2021/Jan 1, 2022 The following information relates to the ABC's depreciable assets. Class 1-During 2021, a new manufacturing building was constructed for a total cost of $778,000. Of this total, it is estimated that the value of the land is $200,000. The building will be used 100 percent for manufacturing. It will be allocated to a separate Class 1. Class 3 - The January 1, 2021 balance in this class was $798,000. During 2021, one of the warehouses in this class burned to the ground. It had a capital cost of $150,000. Insurance proceeds totaled $185,000. Class 8 - The January 1, 2021 balance in this class was $346,000. During 2021, the Company acquired Class 8 assets at a cost of $55,000. Class 8 assets with a capital cost of $96,000 were sold for proceeds of $67,000. None of the individual assets sold had proceeds that exceeded their individual capital cost. Class 10.1 - The January 1, 2021 balance in this Class was $17,850. The only asset in this Class was the CEO's $350,000 Bentley. At the instructions of the Company's directors, who felt this vehicle was excessively extravagant, the car was sold for $275,000 during 2021. Class 14.1 - The January 1, 2021 balance in this Class was $16,000. There are 2 assets in the class. One of the assets, a patent, was sold to a competitor at the end of the year for $5,000. The original cost of the patent was $20,000. A new license was also purchased for $25,400. Class 50 - The January 1, 2021 balance in this Class was $101,000. During 2021, there were additions to this Class with a capital cost of $44,000. Class 53 - The January 1, 2021 balance in this class was $63,000. The capital cost of the assets in this Class was $84,000. All of these assets were sold during 2021. The proceeds totaled $51,000. None of the individual assets sold had proceeds that exceeded their individual capital - cost. ABC always takes maximum CCA on each Class of depreciable assets. Required: Calculate the maximum CCA that can be taken by ABC on each class of assets for the year ending December 31, 2021 and calculate the UCC for each class of assets on January 1, 2022. In addition, determine the amount of any capital gain, recapture, or terminal loss that arises. Ignore GST/HST/PST considerations. Use the following format: Class # Depreciation rate: Class # Depreciation rate: Opening UCC, Jan 1, 2021 Additions Disposals Ending UCC CCA on opening balance (if any) CCA on net additions (if positive) CCA on the adjusted balance (where the net additions are positive) Total CCA Ending UCC, Dec 31, 2021/Jan 1, 2022

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