Leo Smith Inc. paid $589720; in 2007 for a used office building. This purchase price represents...

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Leo Smith Inc. paid $589720; in 2007 for a used office building. This purchase price represents $404700 for the building and $185020 for the land. Calculate the capital cost allowance ($) over the first five years of ownership. Note: Use the 50% rule (Half-year convention) in the first year CCA rate= Class number 1 (Please keep two decimal places) Year CCA Year 1 Year 2 Year 3 Year 4 Year 5 Leo Smith Inc. paid $589720; in 2007 for a used office building. This purchase price represents $404700 for the building and $185020 for the land. Calculate the capital cost allowance ($) over the first five years of ownership. Note: Use the 50% rule (Half-year convention) in the first year CCA rate= Class number 1 (Please keep two decimal places) Year CCA Year 1 Year 2 Year 3 Year 4 Year 5

Answer rating: 100% (QA)

To calculate the Capital Cost Allowance CCA over the first five years of ownership we wil... View the full answer