Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. asappp the january 1, 2020 balance in this cla

ASAPPP The January 1, 2020 balance in this class 8/20%) was...

80.2K

Verified Solution

Question

Accounting

ASAPPP
image
The January 1, 2020 balance in this class 8/20%) was $364,000. During 2020, the Company acquired Class 8 assets at a cost of $150,000. Class 8 assets with a capital cost of $103,000 were sold for proceeds of $65,000. None of the individual assets sold had proceeds that exceeded their individual capital cost. Calculate the maximum CCA that can be taken on the class of asset for the year ending December 31, 2020 and calculate the UCC for the class of asset on January 1, 2021. In addition, determine the amount of any recapture or terminal loss that may arise. The January 1, 2020 balance in this class 8/20%) was $364,000. During 2020, the Company acquired Class 8 assets at a cost of $150,000. Class 8 assets with a capital cost of $103,000 were sold for proceeds of $65,000. None of the individual assets sold had proceeds that exceeded their individual capital cost. Calculate the maximum CCA that can be taken on the class of asset for the year ending December 31, 2020 and calculate the UCC for the class of asset on January 1, 2021. In addition, determine the amount of any recapture or terminal loss that may arise

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

8 Golden rice contains a transgene that allows for increased production of vitamin A a...

Statistics
1.2K views

A well known brokerage firm executive claimed that 20 of investors are currently confident of...

Calculus
1.2K views

v x Answer 5x 10 1 2 if x 2 if x 2 Step 1...

Calculus
1.2K views

Multiply in the indicated base 33 six x 5 six The product is six

Accounting
1.2K views

Zigs Industries had the following operating results for 2015: sales = $25,371; cost of goods...

Accounting
1.2K views

The estimated amount of depreciation on equipment for the current year is $2,190. Journalize the...

Accounting
1.2K views

i need the current ratio, return on common stockholders equity, price earnings ratio, acid test...

Accounting
1.2K views

K Evaluate the permutation. P(36,18) P(36,18)= (Use scientific notation. Use the multiplication symbol in the...

Accounting
1.2K views

For 20X1, MAP Inc. had net income of $8,100 and collected the following information: ...

Accounting
1.2K views

Depreciation by three methods; partial years Perdue Company purchased equipment on April 1 for $35,640....

Finance
1.2K views

Suppose the U.S. yield curve is flat at 3% and the euro yield curve is...

Finance
1.2K views

Soru 6 irketinizin z sermaye betasnn 1.0 olduunu ve mevcut risksiz orann %6.0 olduunu...