Ogongo Limited decided to relocate from Ogoni land to Warri. The Company's assets in Ogoni land...

  

Transcribed Image Text:

Ogongo Limited decided to relocate from Ogoni land to Warri. The Company's assets in Ogoni land were acquired in 2008 as follows: Factory building Ware house Plant and machinery When the company relocated to Warri in 2015, it made the following transactions: Disposal of old assets in Ogoniland: Factory building - Warehouse Plant and machinery Expenses in connection with the disposal: Factory building Warehouse Acquisition of new assets in Warri to replace the ones sold: Factory building Warehouse Plant and machinery # 1,000,000 -800,000 1,200,000 # -2,000,000 1,400,000 1,500,000 200,000 -100,000 3 2,800,000 1,100,000 850,000 You are required to compute the Capital Gain Tax payable assuming that the tax rate is 10% and that all possible claims which reduce or defer the tax liability are made. (121/72 Marks) Ogongo Limited decided to relocate from Ogoni land to Warri. The Company's assets in Ogoni land were acquired in 2008 as follows: Factory building Ware house Plant and machinery When the company relocated to Warri in 2015, it made the following transactions: Disposal of old assets in Ogoniland: Factory building - Warehouse Plant and machinery Expenses in connection with the disposal: Factory building Warehouse Acquisition of new assets in Warri to replace the ones sold: Factory building Warehouse Plant and machinery # 1,000,000 -800,000 1,200,000 # -2,000,000 1,400,000 1,500,000 200,000 -100,000 3 2,800,000 1,100,000 850,000 You are required to compute the Capital Gain Tax payable assuming that the tax rate is 10% and that all possible claims which reduce or defer the tax liability are made. (121/72 Marks)