T Ltd. (a public corporation) purchased a Class 53 asset for $50,000 in 2023. The undepreciated capital cost (UCC) of the class was $20,000 at the end of 2022. T Ltd. will apply accelerated CCA. How much is the UCC at the end of 2023?
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T Ltd. (a public corporation) purchased a Class 53 asset for $50,000 in 2023. The undepreciated capital cost (UCC) of the class was $20,000 at the end of 2022. T Ltd. will apply accelerated CCA. How much is the UCC at the end of 2023?
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- You invest $7,500,000 in a commercial building that you place into service on 2/1/2023. How much can you deduct in depreciation for 2023? And for 2024?Extreme UV Inc. has accumulated development costs that meet the criteria for capitalization at December 31,2022, amounting to P39,000. It is estimated that the useful life of this intangible asset will be six years; accordingly, amortization of P6,500 per year is anticipated. Extreme UV, Inc. uses the allowed alternative method of accounting for its long-lived tangible and intangible assets. At December 31, 2024, it obtains market information regarding the then- current fair value of this intangible asset, which suggests a current fair value of these development costs is P40,000; the estimated useful life, however, has not changed. I the “netting” method is used, the amount of other comprehensive income recognized from the revaluation at December 31, 2024 is ____________Natalie Company purchased a machine for P6,600,000 on January 1, 2021 and received a government grant of P600,000 towards the capital cost. The policy is to treat the grant as reduction in the cost of asset. The machine is to be depreciated on a straight light basis over 10 years with a residual value of P500,000. On January 1, 2023, the grant became fully repayable because of noncompliance with conditions. What is the depreciation for 2021? What is the depreciation for 2023?
- During 2020, Peach Company purchased a machine for P7,000,000 and received a government grant of 1,000,000 toward the capital cost. The machine is to be depreciated on a straight-line method basis over 5 years and estimated to have a residual value of P500,000 at the end of this period. Required: Prepare journal entries using Deferred Income Approach and Deduction from Asset Approach.C3 Nelson Co has a taxation year end of December 31. On January 1, 2022 the UCC of Class 8 was $80,000. A Class 8 asset with a capital cost of $70,000 was sold on May 1, 2022 for $90,000 and another Class 8 asset was purchased on May 15, 2022 for $100,000. Assuming maximum CCA is taken in 2022 and the new asset qualifies for the Accelerated Investment Incentive, the closing UCC balance is:Pearl Limited purchased an asset at a cost of $20,000 on March 1, 2023. The asset has a useful life of seven years and an estimated residual value of $2,200. For tax purposes, the asset belongs in CCA Class 8, with a rate of 20%. (a) Calculate the CCA for each year, 2023 to 2026, assuming Pearl's asset is eligible for the Accelerated Investment Incentive, and that this is the only asset in Class 8. 2023 2024 2025 2026 2024 2025 CCA 2026 $ TA (b) How would the calculation for each year from 2024 to 2026 change if the asset had been purchased in 2024? $ $ $ tA tA $ CCA
- Pearl Limited purchased an asset at a cost of $20,000 on March 1, 2023. The asset has a useful life of seven years and an estimated residual value of $2,200. For tax purposes, the asset belongs in CCA Class 8, with a rate of 20%. (a) Calculate the CCA for each year, 2023 to 2026, assuming Pearl's asset is eligible for the Accelerated Investment Incentive, and that this is the only asset in Class 8. 2023 2024 2025 2026 2024 2025 CCA 2026 $ (b) How would the calculation for each year from 2024 to 2026 change if the asset had been purchased in 2024? 50 3560 CCA 2848 2278.40 1822.72 3560 2848 2278.40The D Company self constructed an asset for its own use. Construction started on January 1,2020 and the asset was completed on December 31,2020. Costs incurred during the year were as follows: January1- P 400,000April- 500,000August1 - 480,000December1- 180,000 If the company had a two year, 18% loan of P 500,000, specially obtained to finance the asset construction, what is the capitalized interest added to the cost of the self-constructed asset? P 178,200 P 90,000 P 280,800 P 140,000On January 1, 2022, an SME acquired a building for P10,450,000 including P500,000 nonrefundable purchase taxes. The purchase agreement provided for payment to be made in full on December 31, 2022. Legal fees of P220,000 were incurred in acquiring the building and paid on January 1, 2014. The building is held to earn lease rentals and for capital appreciation. The discount rate is 10%. What is the initial cost of the investment property? *
- On January 1, 2020, Azure Corporation purchased Sparrow Corporation for $20 million. Of the $20 million purchase price, $2 million was allocated to goodwill. What is Azure’s amortization deduction related to the goodwill for 2020? Round your answer to the nearest whole dollar.During 2020, the Tidel Company completed the following transactions related to its property, plant, and equipment accounts: a. On March 18, Tidel paid $480,000 for land, buildings, and equipment in a lump-sum purchase. An appraisal that cost Tidel $10,000 revealed fair market values of $200,000 for the land, $150,000 for the buildings, and $150,000 for the equipment. b. On August 11, Tidel issued 20,000 shares of its $10 par value common stock in exchange for some equipment. The equipment's fair market value is estimated at $360,000 by an outside appraisal. On the date of the exchange, the stock was being actively traded at $17 per share on a major stock exchange. Required: Prepare the necessary journal entry to properly record each transaction.Jill's 2023 balance sheet showed net fixed assets of $2.4 million, while its 2020 balance sheet showed net fixed assets of $2.3 million. Its 2023 income statement reported a depreciation expense of $240,000. How much did Jill spend to acquire new fixed assets during 2023?