CALCULATION OF CCA DEDUCTIONS Instructions: Review the information…

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Question Answered step-by-step CALCULATION OF CCA DEDUCTIONS Instructions: Review the information…  CALCULATION OF CCA DEDUCTIONS Instructions:Review the information provided and respond to the questions below.Mr. Fox is the sole owner of ABC Enterprises.  He has several assets he is using in his business for which he has been claiming a CCA deduction.  Below are the details of the asset class balances at December 31, 2020:Class 8: Furniture                          UCC Balance:  $21,500                  Original Cost:  $30,000Class 10: Automobiles                  UCC Balance:  $34,800                  Original Cost:  $65,000Class 1: Building                            UCC Balance:  $112,000               Original Cost: $244,000  1. During 2021, Mr. Fox acquired additional furniture with a total cost of $15,450.  As a result, he decided he would sell some of his old furniture to a friend who offered him $4,750.  The original cost of the furniture sold to the friend is $10,000.  Calculate the Class 8 CCA that Mr. Fox would be eligible to claim against his business income considering these transactions. In addition, calculate the ending UCC balance for 2021. Show all calculations for marks. 2. Explain why the original cost of the furniture of $10,000 is relevant information.  3. Also, during the 2021 year, Mr. Fox purchased two new automobiles for use in his business.  The breakdown of cost for the automobiles is as follows: New automobile #1:      $27,000 + HSTNew automobile #2:       $33,000 + HST Calculate the resulting CCA deduction(s) from business income for the above automobile purchases.  In addition, calculate the ending UCC balance for 2021.Show all calculations for marks. 4. As it turns out, the building owned and used by Mr. Fox for his business is no longer in the best of shape.  He decides to renovate and move his business to the garage at his home. The building is sold for $90,000. After the sale, Mr. Fox no longer owns any further Class 1 assets.  Explain the effects of the above transaction when it comes to CCA and the Class 1 balance. Show all calculations for marks  Law Social Science Tax law ACC 2346 Share QuestionEmailCopy link Comments (0)

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