At the beginning of 2020, Codlin Inc. has two assets in Class 8. The cost of each asset was $27,000 and the Class 8 UCC balance was $24,883. On June 30, 2020, one of the assets was sold for $28,500. There are no other additions or dispositions prior to the company’s December 31, 2020 year-end. What is the effect of the disposition on the company’s 2020 net business income? In addition, determine January 1, 2021, UCC balance.

Answer rating: 100% (QA)

Solution UCC of the Class at the beginning of the year 24883 Add Acquisiti... View the full answer