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.
Answer to relevant QuestionsChong Corp. purchased a machine on July 1, 2014, for $30,000. Chong paid $200 in title fees and a legal fee of $100 related to the machine. In addition, Chong paid $500 of shipping charges for delivery, and paid $400 to a ...Andeo Corporation purchased a truck at the beginning of 2014 for $48,000. The truck is estimated to have a residual value of $3,000 and a useful life of 275,000 km. It was driven for $2,000 km in 2014 and 65,000 km in 2015. ...Machinery purchased for $56,000 by Wong Corp. on January 1, 2009, was originally estimated to have an eight-year useful life with a residual value of $4,000. Depreciation has been entered for five years on this basis. In ...Assume the same information as in EII-20, except that at December 31, 2014, Gaurav discontinues use of the equipment and intends to dispose of it in the coming year by selling it to a competitor. It is expected that the ...Gambit Corporation purchased a new plant asset on April 1, 2014, at a cost of $7 69,000. It was estimated to have a useful life of 20 years and a residual value of $300,000, and a physical life of 30 years and a salvage ...
Post your question