Basil Partnership has the following information and transactions during 2021. 1) Class 1 (4%) building, opening UCC balance $660,000. This building was originally acquired in 2014 at a cost of $870,000. It was sold during the year for $585,000. There is no other property in this class. 2) Class 8 (20%) furniture, opening UCC balance $30,000. New office furniture was purchased for $10,000 to replace damaged items sold earlier in the year for $6,000 (original cost $9,000). 3) A new passenger vehicle (class 10.1 – 30%) was purchased during the year for $50,000. Following the above information, calculate the maximum CCA for 2021 with respect to each class. Provide details of all calculations.
Basil Partnership has the following information and transactions during 2021. 1) Class 1 (4%) building, opening UCC balance $660,000. This building was originally acquired in 2014 at a cost of $870,000. It was sold during the year for $585,000. There is no other property in this class. 2) Class 8 (20%) furniture, opening UCC balance $30,000. New office furniture was purchased for $10,000 to replace damaged items sold earlier in the year for $6,000 (original cost $9,000). 3) A new passenger vehicle (class 10.1 – 30%) was purchased during the year for $50,000. Following the above information, calculate the maximum CCA for 2021 with respect to each class. Provide details of all calculations.
Chapter1: Financial Statements And Business Decisions
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Basil Partnership has the following information and transactions during 2021.
1) Class 1 (4%) building, opening UCC balance $660,000. This building was originally acquired in 2014 at a cost of $870,000. It was sold during the year for $585,000. There is no other property in this class.
2) Class 8 (20%) furniture, opening UCC balance $30,000. New office furniture was purchased for $10,000 to replace damaged items sold earlier in the year for $6,000 (original cost $9,000).
3) A new passenger vehicle (class 10.1 – 30%) was purchased during the year for $50,000.
Following the above information, calculate the maximum CCA for 2021 with respect to each class. Provide details of all calculations.
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