In October 2013, JJ Ltd., purchased an asset for $50,000. The asset was sold in...
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In October 2013, JJ Ltd., purchased an asset for $50,000. The asset was sold in January 2015 for $30,000. A replacement asset was purchased for $56,000 and it is now the only asset in the class.In 2017, the company sold the "new" asset in July for $34,000. The asset was not replaced and the asset class was closed.
Assume that the firm has been in business since 2001 and has a December 31 year end, the applicable tax rate is 40% and the CCA rate is 20%.
Required:
(a) Calculate CCA claimed in each year from 2013 through 2017.
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