ABC Inc was incorporated and started operating in 1975. On December 28, 2015, ABC Inc. purchased a

Fantastic news! We've Found the answer you've been seeking!

Question:

ABC Inc was incorporated and started operating in 1975. On December 28, 2015, ABC Inc. purchased a passenger vehicle for $125,000 (ignore GST and PST in this question). ABC Inc has no other capital asset in any of its CCA classes.

Which CCA class should the vehicle be under for CCA calculation purposes?

Please calculate the maximum CCA that ABC Inc could claim for the year 2015. Please show your calculation.

Related Book For answer-question

Intermediate Accounting

ISBN: 978-0132612111

Volume 1, 1st Edition

Authors: Kin Lo, George Fisher

See More Books

Posted Date: Mar 06, 2022 08:01 PM

See More Questions

Inventive Controls Ltd. was incorporated and started business early in January 2012 to manufacture electronic control devices to monitor traffic. Inventive purchased a small manufacturing plant and...
ABC Company started year 1 with $60,000 in its cash and common stock accounts. During year 1, ABC paid $40,000 cash for employee compensation and $14,000 cash for materials. Required a. Determine the...
Question 3 Find the equation of the plane containing the point P(0, 2, 5) and the line r(t) =(2, 1, 5) + t(2, -3, -2). [Hint: First find two vectors parallel to the plane (that is, find two vectors...
Write a memo to an employee whose work and behavior have been unsatisfactory. (You are the department manager.) Try to motivate the employee to improve his performance. Be brief, direct, honestand as...
Rickys Repair Shop has a monthly target profit of $17,000. Variable costs are 60% of sales, and monthly fixed costs are $8,000. Requirements 1. Compute the monthly margin of safety in dollars if the...
For each of the following packed decimal numbers, show the decimal value: a. 0111 0011 0000 1001 b. 0101 1000 0010 c. 0100 1010 0110
What are the factors that shape software modeling?
An insurance company has the business objective of reducing the amount of time it takes to approve applications for life insurance. The approval process consists of underwriting, which includes a...
How do organizational change theories such as Lewin's Three-Stage Model and Kotter's Eight-Step Process adapt to accommodate the complexities of globalized, digitally-enabled business environments ?
Using a computer spreadsheet, set up a cash flow statement to capture the anticipated cash flow in the following case study scenario. Cash Flow Planning Exercise This exercise is an opportunity to...
Which of the following statements are true about the efficient market hypothesis? a)It implies perfect forecasting ability b)It implies that prices reflect all available information c)It implies that...
Describe a difficult task you were faced with and how you addressed it . for tax preparer.
Given the following cash flow Year 0 Years 1-2 Years 3-10 Years 11-15 -$8,000 -$3,000/year $6,500 in year 3 and increases annually by 8%thereafter -$12,000/year Examine if it is using a discount rate...
1. How important is the task of management and leadership in the project environment? 2. Do larger and more complex projects represent a greater challenge and why? 3. What are some of the key tools...
Hongxing ERKE Industrial Co., Ltd. (ERKE) was the first large Chinese sportswear company to list overseas. After a flood caused by heavy rainfall in Henan Province in July 2021, the company, which...
A project manager may be responsible for creating and sticking to a budget. What factors will a project manager take into account? What are the most critical elements of a project communications plan?
compute ccT and cTc for c = [ 1 , 2 ] . = [ 1 , - 2 ] . Are these similar looking expressions actually the same or different?
Calculate the number of neutrons of 239Pu.
A particular production process requires two types of raw materials to produce the end product. Each unit of finished product requires three units of raw material A and 2 units of raw material B and...
Company Four purchased land for $1,000,000. Fair value was $1,250,000 at the beginning of the year and $800,000 at the end of the year. Required: Prepare the journal entry to record the revaluation...
IAS 38 paragraph 57 identifies six criteria for the capitalization of some development costs. Required: a. Are these criteria useful in deciding whether to capitalize an expenditure on a tangible...
Calculate the de Broglie wavelength associated with $(a)$ a $0.14-\mathrm{kg}$ baseball thrown at $20 \mathrm{~m} / \mathrm{s}$ and $(b)$ an electron of mass \(9.1 \times 10^{-31}...
Given the relationship between the energy $E$ of a photon and its frequency $f$ and the de Broglie expression relating momentum $p=m v$ and wavelength $\lambda$, determine the ratio $E / p$...
Do you expect to be able to observe the diffraction of light through $(a)$ the front door to your house; $(b)$ the holes in a button; (c) the gaps between threads of the fabric of an umbrella?

ABC Inc was incorporated and started operating in 1975. On December 28, 2015, ABC Inc. purchased a

Question:

Expert Answer:

CCA Class 10 will be applicable for passenger vehicles and in that too specifically ... View the full answer

Intermediate Accounting

Students also viewed these accounting questions