Question: Fang Limited purchased an asset at a cost of 45 000
Fang Limited purchased an asset at a cost of $45,000 on March 1, 2014. The asset has a useful life of seven years and an estimated residual value of $3,000. For tax purposes, the asset belongs in CCA Class 8, with a rate of 20%. Calculate the CCA for each year, 2014 to 2017, assuming this is the only asset in Class 8.
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