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 $1.572M and consisted of: $827,000 for the land and $745,000 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 $2.275M. The distribution of the FMV was $1.375M for the land and $900,000 for the building.

A separate building was purchased in late December. As a result of this change in strategy, almost 90% of the building will be used for manufacturing purposes. This property was purchased for $2.835M and consists of: $1.010M for the land and $1.825M 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 six years with two two-year renewal options. A total of $99,000 leasehold improvements were made on July 1 this year.

The company purchased some new office furniture for $15,000. Some old office furniture was disposed of. The old furniture originally cost $11,000 and was disposed of for $3,500.

Class 10.1 has an existing passenger vehicle. This vehicle was sold this year. The original cost on that vehicle was $67,000 and was purchased a few years back. The business received $21,000 for the vehicle. Another passenger vehicle was purchased for $49,000.

The company also replaced all its old computers. They were purchased many years ago for $65,000. Proceeds on the old computers was $3,500. The cost of new computers was $11,000.

On May 1, of the current year, the company paid $29,000 to purchase a license to use a specific chemical formula on the production process. The courts have granted the license a term of eight years.