Leaders Ltd. Is a manufacturing business with financial year ending 31st December. The following assets were acquired on the dates mentioned. Non current assets Date of acquisition Cost $ Machinery June 1, 2018 450,000 Motor van June 30 2019 3,500,000 Motor car Sept. 30 2019 2,000,000 Machinery May 1, 2019 1,500,000 Additional information The car is used 75% of the time in the business and at the time of purchase the exchange rate was US$1.00 = JMD $127 The machinery bought on June 1 2018 was sold in November 2020 for 300,000 Required a. Compute the capital allowances and prepare Schedule 2 for the years of assessment 2018 2019 and 2020 (round figures to the nearest dollar)

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1 Machinery acquired on June 1 2018 Cost of machinery 450000 J... View the full answer