During its year ended December 31, 2020, ABC Ltd. purchased a new truck costing $50,000. In the
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Question:
During its year ended December 31, 2020, ABC Ltd. purchased a new truck costing $50,000. In the same year, the company sold an 18-wheeled truck (which had been purchased three years earlier for $125,000) for $80,000. At the beginning of the current year, the Class 10 UCC balance was $70,000. Which one of the following amounts best represents the maximum CCA deduction for Class 10 for 2020, assuming that all amounts are net of HST because ABC Ltd. is an HST registrant?
a) $6,000
b) $12,000
c) $18,000
d) $25,500
e) None of the above
Related Book For
Accounting What the Numbers Mean
ISBN: 978-1260565492
12th edition
Authors: David Marshall, Wayne McManus, Daniel Viele
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