The undepreciated capital cost balances at January 1, 2023 were as follows:- Class 13 $37,500 Improvements on its leased head office premises which were rented in 2021 for four years with two successive options to renew for five years and five years. Improvements had originally been made in 2021 in the amount of $45,000. Additional improvements were made in 2023 at a cost of $ 28,000. 2021: 45000 / (4+5)= 5000 2023: 28000 / (2+5) = 4000 x 1.5 = 6000 You multiply by x 1.5 in 2023 because it is a net addition. What does that mean? Explain clearly.

The undepreciated capital cost balances at January 1, 2023 were as follows:- Class 13 $37,500 Improvements on its leased head office premises which were rented in 2021 for four years with two successive options to renew for five years and five years. Improvements had originally been made in 2021 in the amount of $45,000. Additional improvements were made in 2023 at a cost of $ 28,000. 2021: 45000 / (4+5)= 5000 2023: 28000 / (2+5) = 4000 x 1.5 = 6000 You multiply by x 1.5 in 2023 because it is a net addition. What does that mean? Explain clearly.

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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