Question

In the current year B purchased new office equipment costing $40,000 and received a trade allowance...

In the current year B purchased new office equipment costing $40,000 and received a trade allowance of $3,000 for her old equipment. The old equipment was acquired 6 years ago for $19,000. B’s Class 8 UCC balance the beginning of the current year was $12,000. What is the maximum CCA deduction for Class 8 that B can claim in the current year?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Please give positive ratings...................... Your ratings will be helpful for me. If you have any query regarding this solution please comment below. I will be grateful to help you. Thank you!

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
In the current year B purchased new office equipment costing $40,000 and received a trade allowance...
In the current year B purchased new office equipment costing $40,000 and received a trade allowance of $3,000 for her old equipment. The old equipment was acquired 6 years ago for $19,000. B’s Class 8 UCC balance the beginning of the current year was $12,000. What is the maximum CCA deduction for Class 8 that B can claim in the current year?
In the current year B purchased new office equipment costing $20,000 and received a trade allowance...
In the current year B purchased new office equipment costing $20,000 and received a trade allowance of $5,000 for her old equipment. The old equipment was acquired 6 years ago for $15,000. B’s Class 8 UCC balance the beginning of the current year was $16,000. What is the maximum CCA deduction for Class 8 that B can claim in the current year? Note: Do not place a minus sign in front of the amount.
In the current year H Ltd., an HST registrant, disposed of a passenger vehicle (cost $36,000;...
In the current year H Ltd., an HST registrant, disposed of a passenger vehicle (cost $36,000; UCC $17,000) for $12,000. At the same time H purchased a new passenger vehicle for $41,000 plus HST. What is the maximum CCA deduction that H can claim in the current year?
On July 2, 2017, Vicuna Inc. purchased equipment for $720,000. This equipment has an estimated useful...
On July 2, 2017, Vicuna Inc. purchased equipment for $720,000. This equipment has an estimated useful life of six years and an estimated residual value of $30,000. Depreciation is taken for the portion of the year the asset is used. The asset is a Class 8 asset with a maximum CCA rate of 20%. Vicuna has a December year end. Instructions a) Complete the form below by determining the depreciation expense/CCA and year-end book values/UCC for 2017 and 2018 using...
J Ltd.’s office building was destroyed by fire in the current year. The building’s original cost...
J Ltd.’s office building was destroyed by fire in the current year. The building’s original cost was $280,000 and the class 1 UCC balance at the beginning of the year was $200,000. The building was insured for its market value of $350,000. A new building costing $400,000 was constructed 18 months after the fire. What is the minimum recapture of CCA for tax purposes in the current year?
Jane is an employee for ABC Ltd. and during the current year she received a salary...
Jane is an employee for ABC Ltd. and during the current year she received a salary of $60,000. Jane worked away from the office visiting clients, and she is required to pay her own travelling expenses. In addition, Jane drives her own vehicle for employment purposes. Jane purchased the vehicle several years ago and has been depreciating her vehicle for tax purposes for many years. The opening UCC balance for her vehicle (Class 10) is $25,000 in the current year....
please explain the answers The following information relates to Davion Dennis Ltd. for its taxation year...
please explain the answers The following information relates to Davion Dennis Ltd. for its taxation year that ends on December 31, 2020: 1. The Company has UCC balances on January 1, 2020 for its tangible assets as follows: Class 1 (A single building acquired in 2012) $478,695 Class 8 243,000 2. During 2020, the building that was acquired in 2012 was sold for cash of $650,000. Of this total, $125,000 represented the value of the land on which the building...
4. At the beginning of the fiscal year, G&J Company acquired new equipment at a cost...
4. At the beginning of the fiscal year, G&J Company acquired new equipment at a cost of $99,000. The equipment has an estimated life of five years and an estimated salvage value of $7,000. (a) Determine the annual depreciation (for financial reporting) for each of the five years of estimated useful life of the equipment, the accumulated depreciation at the end of each year, and the book value of the equipment at the end of each year by using (a.1)...
Acorn Ltd. has a November 30-year end. As of December 01, 2015, Acorn Ltd. had the...
Acorn Ltd. has a November 30-year end. As of December 01, 2015, Acorn Ltd. had the following UCC balances for its various tangible assets:                                               Class 01             $705,600                                               Class 08             330,000                                               Class 10             185,000                                               Class 13             175,500 Class 01: A new building was purchased on December 15, 2015 at a cost of $ 950,000, with $ 150,000 of this total being allocated to the land on which the building was situated. The new building was used 50%...
During the current year, Marlene, Nancy and Olive formed a new S Corporation. Solely in exchange...
During the current year, Marlene, Nancy and Olive formed a new S Corporation. Solely in exchange for stock, Marlene and Nancy contributed appreciated property, while Olive contributed services. The exchanges of Marlene and Nancy will be nontaxable if: Olive receives 30% of the stock Olive receives 80% of the stock Olive receives 15% of the stock Marlene and Nancy together receive 50% of the stock In June of 2018, Alice acquired her only machine for $30,000 to use in her...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT