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This year, Larry has operated a business and reported the following GAAP based Accounting figures: 1. Revenue: $10,000 2. Depreciation Expense: $1,000 3. Meal and
This year, Larry has operated a business and reported the following GAAP based Accounting figures: 1. Revenue: $10,000 2. Depreciation Expense: $1,000 3. Meal and Entertainment: $2,000 4. Sales and Marketing Expense: $1,000 Asset: Class 8-20%, Furniture: UCC was $10,000: Purchased new furniture this year: $20.000. Please choose the best answer? This year, Larry's Business Income/Loss is $0, and Maximum CCA, for this year is $8,000 This year, Larry's Business Income/Loss is $4,000 and Maximum CCA, for this year is $8,000 This year, Larry's Business Income/Loss is $4,000 and Maximum CCA, for this year is $6,000 This year, Larry's Business Income/Loss is $4,000 and Maximum CCA, for this year is $3,000
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