Tradesmen Auto purchased an asset in 2015 for $300,000. It was sold in 2017 for...
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Accounting
Tradesmen Auto purchased an asset in 2015 for $300,000. It was sold in 2017 for $330,000 and a replacement asset was purchased for $400,000.
In July 2019 the asset was sold for $260,000. The asset was not replaced and the asset class was closed.
Assume that the firm has been in business since 2010 and has a December 31 year end, the applicable tax rate is 35% and the CCA rate is 10%.
Required:
(a) Calculate CCA claimed in each year from 2015 through 2019.
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