The following information has been carried forward from the previous taxation year: The following information has been provided for 2022. Note - if the asset in question requires the addition of a new asset class (i.e. it does not fit in the classes in the list from the prior year), add that class to your chart. - The existing class 1 building was purchased in 2009 and is the only building in class 1 . The original purchase price of the property was $1.5M and consisted of: $770,000 for the land and $730,000 for the building. The building was originally used for commercial purposes. The business has shifted more towards manufacturing. As a result, the property was sold this summer for $2.5M. The distribution of the FMV was $1.2M for the land and $1.3M for the building. - A separate building was purchased in late December. As a result of this change in strategy, almost 95% of the building will be used for manufacturing purposes. This property was purchased for $2.235M and consists of: $890,000 for the land and $1,345,000 for the building. - The company leased some additional warehouse space next to the new building it purchased to run the manufacturing operations out of. The lease was signed in July this year and is for seven years with two four-year renewal options. A total of $110,ooo leasehold improvements were made on July 1 this year. - The company purchased some new office furniture for $22,000. Some old office furniture was disposed of. The old furniture originally cost $8,000 and was disposed of for $4,000. - Class 10.1 has an existing passenger vehicle. This vehicle was sold this year. The original cost on that vehicle was $54,000 and was purchased a few years back. The business received $29,000 for the vehicle. Another passenger vehicle was purchased for $48,000. - The company also replaced all its old computers. They were purchased many years ago for $60,000. Proceeds on the old computers was $4,500. The cost of new computers was $26,000. - On May 1, of the current year, the company paid $15,000 to purchase a license to use a specific chemical formula on the production process. The courts have granted the license a term of six years. Required: Prepare the CCA schedule for the items above. For the disposals, ensure you calculate whether there is any terminal loss or recapture and the capital gain or capital loss, using the second chart below. Use the following chart to help organize your response. See next page... You MUST show your detailed calculations in excel. NOT copy and paste from a past excel. However, you can copy/paste this format template above. Answers that look like they were copied from a previous excel solution will not be marked and will be awarded a o
