Closet International invested in an equipment in 2019 with an initial cost of $598,000. It falls under
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Question:
Closet International invested in an equipment in 2019 with an initial cost of $598,000. It falls under asset class 8 with a CCA rate of 20%. The equipment was sold in 2021 for $260,000.
- Calculate the beginning UCC, CCA, and ending UCC for 2019, 2020, and 2021.
- Was there a capital gain when the machinery was sold? Explain your answer.
- Was there a CCA recapture or terminal Loss? Explain your answer
Related Book For
Intermediate accounting
ISBN: 978-0077647094
7th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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