Lou Silva has owned and operated The Wellness Store for fifteen years. The company's year-end is December
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Lou Silva has owned and operated The Wellness Store for fifteen years. The company's year-end is December 31st. The following chart lists the company's assets owned prior to 2020 and their UCC balances as of January 1, 2020.
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Asset UCC Balence Store (building purchased in 2005) Delivery van (Class 10) Furniture and office equipment (Class 8) $100,000 15,000 30,000 Photocopier purchased in 2018 (Separate Class 8) Patent (purchased in 2017) 2,000 10,000 The following transactions took place in 2020: a Lou purchased $2.000 worth of small tools (each costing under $500) b. The delivery van was sold for $12,000. The original cost was $20,000. A second-hand van was purchased in the year for $16,000 C. $15,000 was paid for an air conditioning system in the building, which was added to the cost of the standard Class 1 pool. d. Lou sold the photocopier for $1,500 in the yearyand will replace it in January, 2021 with a second-hand model valued at $1,700. e. Lou amortizes the patent in Class 44 f. The business acquired a franchise on March 1of 2020 for $55,000. The franchise has a limited legal ife of 20 years (Ignore leap year effects) Asset UCC Balence Store (building purchased in 2005) Delivery van (Class 10) Furniture and office equipment (Class 8) $100,000 15,000 30,000 Photocopier purchased in 2018 (Separate Class 8) Patent (purchased in 2017) 2,000 10,000 The following transactions took place in 2020: a Lou purchased $2.000 worth of small tools (each costing under $500) b. The delivery van was sold for $12,000. The original cost was $20,000. A second-hand van was purchased in the year for $16,000 C. $15,000 was paid for an air conditioning system in the building, which was added to the cost of the standard Class 1 pool. d. Lou sold the photocopier for $1,500 in the yearyand will replace it in January, 2021 with a second-hand model valued at $1,700. e. Lou amortizes the patent in Class 44 f. The business acquired a franchise on March 1of 2020 for $55,000. The franchise has a limited legal ife of 20 years (Ignore leap year effects)
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Answer The Max CCA on the Patent 10000 The Max CCA on the Tools 3000 Th... View the full answer
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