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A wholesale business with a December 31 year-end purchased new equipment on November 25,2021, for...

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Question

Accounting

A wholesale business with a December 31 year-end purchased new equipment on November 25,2021, for $41,000. Before 2021,
the business owned no other equipment.
Required:
a. What are the tax consequences if the business sells the equipment in 2023 for (a) $16,000?(b) $24,000?(c) $47,000?(Use a
minus sign (-) when entering numbers that reduce UCC.)
2021 purchase
2021CCA
2021 UCC
2022 CCA
2022 UCC
2022 UCC
Situation A Less disposal Proceeds
Interim UCC Balance
$
0
Ending UCC
2022 UCC
Situation B
Less disposal Proceeds
Interim UCC Balance
|
Ending UCC
2022 UCC
Situation C Less disposal Proceeds
Interim UCC Balance
$
0
Ending UCC
Capital Gain
Taxable Capital gain
image

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