A corporation, with a December 31, 2021 year-end, purchased manufacturing equipment for $60,000 on January 1 and a delivery truck for 55,000 on June 30. It sold on June 30, an old delivery truck that originally cost $15,000, for $4,500. The other relevant information is: Asset Cost undepreciated capital cost (UCC) Building $ 100,000 $ 98,500 Furniture 25,000 22,500 Automotive Equipment 90,000 76,500 What is the maximum CCA the corporation would claim in its 2021 taxation year?
A corporation, with a December 31, 2021 year-end, purchased manufacturing equipment for $60,000 on January 1 and a delivery truck for 55,000 on June 30. It sold on June 30, an old delivery truck that originally cost $15,000, for $4,500. The other relevant information is: Asset Cost undepreciated capital cost (UCC) Building $ 100,000 $ 98,500 Furniture 25,000 22,500 Automotive Equipment 90,000 76,500 What is the maximum CCA the corporation would claim in its 2021 taxation year?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
A corporation, with a December 31, 2021 year-end, purchased manufacturing equipment for $60,000 on January 1 and a delivery truck for 55,000 on June 30. It sold on June 30, an old delivery truck that originally cost $15,000, for $4,500. The other relevant information is:
Asset Cost undepreciated capital cost (UCC)
Building $ 100,000 $ 98,500
Furniture 25,000 22,500
Automotive Equipment 90,000 76,500
What is the maximum CCA the corporation would claim in its 2021 taxation year?
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education