Maple Enterprises Ltd. has always claimed maximum CCA. Maple had the net income of $121,000 excluding the following capital transactions:The undepreciated capital cost of certain CCA classes at the end of the previous taxation year was as follows:$242,000 (one building in class)229,9001.23.Class 1Class 8In 2020, the company expanded into the manufacturing business by purchasing the following assets:$36,30012,000Equipment (manufacturing)Product licence for an indefinite periodThe building was sold in 2020 for $314,600 (original cost-$278,300).During 2020, the company purchased office furniture for $16,900.Required:Complete the table below to calculate Maples's net income for tax purposes for the 2020 taxation year. (If an Item is not relevant, leave blank.Use a minus sign (-) when entering numbers that reduce UCC.)UCC, beginning of yearAdd PurchasesLess DisposalRecaptureLess CCAEnding UCCCapital GainTaxable Capital GainBusiness incomeNet Income for Tax purposesClass 1BuildingSSClass 8Furniture0 $0Class 14.1IntangibleLicense0 $Class 53Manufacturingequipment0 $0

Income includes salary, capital gain, earnings from business or profession and income from other…

Complete the table below to calculate Maples's net income for tax purposes for the 2020 taxation year. (If an Item is not rel Use a minus sign (-) when entering numbers that reduce UCC.) UCC, beginning of year Add Purchases Less Disposal Recapture Less CCA Ending UCC Capital Gain Taxable Capital Gain Business income Net Income for Tax purposes S S Class 1 Building Class 8 Furniture 0 $ 0 Class 14.1 Intangible License 0 S Class 53 Manufacturing equipment 0 S

Complete the table below to calculate Maples's net income for tax purposes for the 2020 taxation year. (If an Item is not rel Use a minus sign (-) when entering numbers that reduce UCC.) UCC, beginning of year Add Purchases Less Disposal Recapture Less CCA Ending UCC Capital Gain Taxable Capital Gain Business income Net Income for Tax purposes S S Class 1 Building Class 8 Furniture 0 $ 0 Class 14.1 Intangible License 0 S Class 53 Manufacturing equipment 0 S

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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