Question listO Question 1O Question 2O Question 3O Question 4Show Transcribed TextQuestion listQuestion 1Question 2Question 3O Question 4Show Transcribed TextOQuestion listO Question 1Question 2O Question 3O Question 4O Question 5KYou are provided with the following information related to class 8 assets for the current year:• Undepreciated Capital Cost (UCC) Beginning Balance: $74,000• Cost of additions: $8,000• Dispositions (i.e. reduction for disposals): $21,000KThe class 8 rate is 20%. Using only this information, what is the maximum capital cost allowance (CCA) deduction forthe current year for class 8?Choose the correct answer.O A. $15,600O B. $10,600OC. $12,200O D. $11,400KACB Company has the following information related to class 10 assets for the current year:Beginning Balance: $152,000cost of additions: $20,000Dispositions, proceeds: $40,000 (original cost = $70,000)CThe class 10 rate is 30%. Using only this information, what is the maximum CCA deduction for the current year forclass 10 assets?Choose the correct answer.O A. $36,000OB. $45,600O C. $37,800O D. $39,600Jens Co has the following related to Class 8 assets:Beginning Balance: $44,000Jens disposes of all assets within the class during the year, for proceeds of disposition of $22,000. If Jens Co has noadditions for the year, and there are no assets remaining in the class at the end of the year, which of the following willoccur?Choose the correct answer.O A. recapture of $22,000 of CCAOB. recapture of $17,600 of CCAO C. a terminal loss of $22,000O D. a terminal loss of $17,600 Question listO Question 1O Question 2OOOQuestion 3Question 4Question 5Show TranscQuestion listO Question 1O Question 2O Question 3O Question 4Show Transcribed TextQuestion listO Question 2O Question 3O Question 4ed TextO Question 5↑Jens Co has the following related to Class 8 assets:Beginning Balance: $44,000KJens disposes of all assets within the class during the year, for proceeds of disposition of $22,000. If Jens Co has noadditions for the year, and there are no assets remaining in the class at the end of the year, which of the following willoccur?Choose the correct answer.OA. recapture of $22,000 of CCAOB. recapture of $17,600 of CCAO C. a terminal loss of $22,000O D. a terminal loss of $17,600KA1A is a proprietorship that has a calendar fiscal year. The proprietorship begins operations on April 1 of the currentyear and acquires a machine on December 1 of the current year. The machine has a cost of $23,000 and A1A incursan additional $4,200 in expenses for installation. The machine is a Class 8 asset with a rate of 20%. What is themaximum CCA deduction A1A can take on this asset for the April 1 to December 31 of the current fiscal year?……Choose the correct answer. (Round your answer to the nearest whole dollar.)O A. $2,049O B. $4,099OC. $8,160O D. $6,148CDAXQ Engineering has the following information related to Class 8 assets for the current year.• Beginning Balance: $84,000• Cost of additions: $27,000• Proceeds of disposition: $19,000 (original cost of disposed property: $38,000)Choose the correct answer.The Class 8 rate is 20%. Assuming AXQ takes the maximum CCA deduction for this class, what is the UCC balanceof the Class 8 assets at the end of the current year?OA. $59,100OB. $65,600OC. $72,800O D. $80,800

Question 1 The Capital Cost Allowance (CCA) is a provision in tax law that acknowledges the lasting…

You are provided with the following information related to class 8 assets for the current year. • Undepreciated Capital Cost (UCC) Beginning Balance: $74,000 Cost of additions: $8,000 • Dispositions (i.e. reduction for disposals): $21,000 The class 8 rate is 20%. Using only this information, what is the maximum capital cost allowance (CCA) deduction for the current year for class 8? Choose the correct answer. OA. $15,600 OB. $10,600 OC. $12,200 OD. $11,400

You are provided with the following information related to class 8 assets for the current year. • Undepreciated Capital Cost (UCC) Beginning Balance: $74,000 Cost of additions: $8,000 • Dispositions (i.e. reduction for disposals): $21,000 The class 8 rate is 20%. Using only this information, what is the maximum capital cost allowance (CCA) deduction for the current year for class 8? Choose the correct answer. OA. $15,600 OB. $10,600 OC. $12,200 OD. $11,400

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter10: Property, Plant And Equipment: Acquisition And Subsequent Investments

Section: Chapter Questions

Problem 18E

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