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...

70.2K

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