Problem 6-3 Maple CCA

Maple Enterprises Ltd. has always claimed maximum CCA. Maple had the net income of $121,000 excluding the following capital transactions:

1. The undepreciated capital cost of certain CCA classes at the end of the previous taxation year was as follows:

Class 1	$242,000	(one building in class)
Class 8	229,900

2. In 2019 (the current year), the company expanded into the manufacturing business by purchasing the following assets:

Equipment (manufacturing)	$36,300
Product licence for an indefinite period	12,000

3. The building was sold in 2019 for $314,600 (original cost$278,300).

4. During 2019, the company purchased office furniture for $16,900.

Required:

Complete the table below to calculate Mapless net income for tax purposes for the 2019 taxation year. (If an item is not relevant, leave blank. Use a minus sign (-) when entering numbers that reduce UCC.)

	Class 1 Building	Class 8 Furniture	Class 14.1 Intangible License	Class 53 Manufacturing equipment
UCC, beginning of the year
Add purchases
Less Disposal
Recapture
Less CCA
Ending UCC
Capital Gain
Taxable Capital Gain

Business income
Recapture
Less CCA
Taxable Capital Gain
Net income for tax purposes