One of Polytech Inc.s manufacturing facilities burned down in February of 2019. An insurance settlement of $1.5
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One of Polytech Inc.’s manufacturing facilities burned down in February of 2019. An insurance settlement of $1.5 million was reached in August 2019. In October 2019, Polytech commenced construction of a new building which was completed in March 2020 at a cost of $2 million. The manufacturing facility had an ACB of $1.2 million and UCC of $0.9 million prior to the fire. Polytech Inc. will utilize the Replacement Property Rules.
Calculate the CCA for the year ended Jan. 31, 2020, and tax balances.
Related Book For
Mathematical Applications for the Management Life and Social Sciences
ISBN: 978-1305108042
11th edition
Authors: Ronald J. Harshbarger, James J. Reynolds
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