Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The company had the following tax balances on December 31, 2019 Class 1 $ 225,000 Class 8 55,000 Class 10 354,000 Class 10.1 20,000 Class

The company had the following tax balances on December 31, 2019 Class 1 $ 225,000 Class 8 55,000 Class 10 354,000 Class 10.1 20,000 Class 12 Nil Class 39 10,000 Class 43 50,000 The following assets were purchased during the year: Office furniture for $1,000 Computer hardware for $55,000 Computer applications software for $12,000 The following assets were disposed of during the year: Office furniture for $500 Truck (class 10); cost is $80,000 and proceeds are $35,000 Passenger vehicle (class 10.1) for $25,000 Building; cost is $50,000 and proceeds were $37,200 Equipment (class 43); cost is $300,000 and proceeds were 75,000 Equipment; cost is $55,000 and proceeds were $7,500. This is the last asset in class 39. Required: Calculate the maximum CCA deduction for the year

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Horngrens Accounting The Financial Chapters

Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura

10th Edition

0133117561, 978-0133117561

More Books

Students also viewed these Accounting questions