The Montreal Music Company Ltd. has a fiscal year that ends March 31. During the year ending
Question:
During the year ending March 31, 2012, the company had the following transactions involving these assets:
—† Buildings. No transactions.
—† Office equipment. Purchased a total of $16,400 (net of GST), and hauled office equipment that had once cost $6,000 to the recycle centre.
—† Vehicles. Purchased two new delivery vans for a combined total cost of $54,000 (net of GST), and traded in an older car used by the sales manager for a new model with a list price of $32,800. The traded-in car had cost $24,000, had a net book value of $12,580, and was given a trade-in price of $14,800. Newspapers at the time of the trade-in had several ads regarding the exact new model purchased for an offering price of $29,999, and the cheque written (before GST) was for $14,900.
—† Computers. New computers with operating systems were added at a total cost (before GST) of $23,450. Four older computers with a net book value of $1035 were donated to a local school. No cash changed hands for this donation.
Required
Prepare a CCA schedule for the company for the March 31, 2013 year. Assume that the company wants to take the maximum CCA available for the year.
Step by Step Answer:
College Accounting A Practical Approach
ISBN: 978-0132564441
11th Canadian Edition
Authors: Jeffrey Slater, Brian Zwicker