Question: Rushmore Ltd., with a tax year that ends on Dec 31, has a class 10 (30%) UCC balance on January 1, 2020 of $70000. During

Rushmore Ltd., with a tax year that ends on Dec 31, has a class 10 (30%) UCC balance on January 1, 2020 of $70000. During 2020, it acquired 20 class 10 cars that are eligible for the accelerated investment incentive. The total cost of all the cars was $169000. The Company also disposes of 15 cars for total proceeds of $72000. In no case did the proceeds of disposition exceed the capital cost of the vehicle being disposed of. Determine the maximum Class 10 CCA that Rushmore Ltd. can deduct for 2020.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

The Fashion Rack has a monthly accounting period. All transactions are recorded in a general journal. Postings are made from the general journal to the accounts receivable ledger, accounts payable...

Rushmore Ltd., with a tax year that ends on Dec 31, has a class 10 (30%) UCC balance on January 1, 2020 of $38000. During 2020, it acquired 20 class 10 cars that are eligible for the accelerated...

Rushmore Ltd., with a tax year that ends on Dec 31, has a class 10 (30%) UCC balance on January 1, 2020 of $18000. During 2020, it acquired 20 class 10 cars that are eligible for the accelerated...

Rushmore Ltd., with a tax year that ends on Dec 31, has a class 10 (30%) UCC balance on January 1, 2020 of $67000. During 2020, it acquired 20 class 10 cars that are eligible for the accelerated...

3. Rushmore Ltd., with a tax year that ends on Dec 31, has a class 10 (30%) UCC balance on January 1, 2020 of $56000. During 2020, it acquired 20 class 10 cars that are eligible for the accelerated...

1.Rushmore Ltd., with a tax year that ends on Dec 31, has a class 10 (30%) UCC balance on January 1, 2020 of $51000. During 2020, it acquired 20 class 10 cars that are eligible for the accelerated...

Rushmore Ltd . , with a tax year that ends on Dec 3 1 , has a class 1 0 ( 3 0 % ) UCC balance on January 1 , 2 0 2 0 of $ 7 1 0 0 0 . During 2 0 2 0 , it acquired 2 0 class 1 0 cars that are eligible...

Rushmore Ltd . , with a tax year that ends on Dec 3 1 , has a class 1 0 ( 3 0 % ) UCC balance on January 1 , 2 0 2 0 of $ 4 1 0 0 0 . During 2 0 2 0 , it acquired 2 0 class 1 0 cars that are eligible...

Can you please assist me/ help me solve the following question: Sunpeel Ltd., with a taxation year that ends on December 31, has a Class 10 (30 percent) UCC balance on January 1, 2020 of $900,000....

Sunpeel Ltd., with a taxation year that ends on December 31, has a Class 10 (30 percent) UCC balance on January 1, 2020 of $900,000. During 2020, it acquires 10 eligible AccII cars at a cost of...

Average personal income in one state increased approximately linearly from $23.7 thousand in 2000 to $37.2 thousand in 2010. Average personal income in another state increased approximately linearly...

Change of variables: Let = g(), where g is a monotone function of , and let h be the inverse of g so that = h(). If p () is the probability density of , then the probability density of induced by...

4 Government regulations mandate that Belgian chocolate bars sold in packages of 12 kilogram cannot weigh less than 12 kilogram, the specified weight on the package. If regulations are violated, the...

Obtain monthly data on the unemployment rate and the inflation rate for the last 2 years. (This data can be found at www.bls.gov or in a recent issue of the Survey of Current Business or in the...

List four properties of assets, and explain why these properties are important.

According to Forrest Gump, Life is like a box of chocolates. You never know what youre gonna get. Suppose a candymaker offers a special Gump box with 20 chocolate candies that look alike. In fact, 14...

Suppose in the one-sided search model that an unemployed worker receives a wage offer with probability .Then, conditional on receiving a wage offer, the offer is w 2 with probability 2 , w 3 with...

Suppose that the firms production technology is given by Y = z min(K, N), where > 0. As in Problem 3, determine the firms demand for labor as a function of z, K, , and w, and interpret.

Marketing focuses on the pricing and distribution of want - satisfying products, as well as determining the best way to promote the products to consumers. Group startsTrue or False

What criteria are helpful for assessing the quality of organisational sources of evidence? a Objectivity, subjectivity, accuracy, significance. b Authenticity, credibility, representativeness,...

What issues should you take into account if you decide to make use of evidence from published diaries, memoirs or autobiographies? a They were produced for commercial intent. b It is likely that they...

What issues need to be considered when evaluating sources of evidence about an organisation? a The hand-in date of your research report. b Whether the organisation is well known or not. c Whether you...