Was there a capital gain when the machinery wassold, Financial Accounting

+44 141 628 6080
[email protected]

Was there a capital gain when the machinery wassold

Problem

Closet International invested in an equipment in 2019 with an initial cost of $598,000. It falls under asset class 8 with a CCA rate of 20%. The equipment was sold in 2021 for $260,000.

a) Calculate the beginning UCC, CCA, and ending UCCfor 2019, 2020, and 2021.
b) Was there a capital gain when the machinery wassold? Explain your answer.
c) Was there a CCA recapture or terminal Loss?Explain your answer

View Complete Question

Request for Solution File

Ask an Expert for Answer!!

Financial Accounting: Was there a capital gain when the machinery wassold

Reference No:- TGS03316715

Expected delivery within 24 Hours

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Recent Questions Asked Financial Accounting

Q : What must a company sustain for it to realize the benefit

What must a company sustain for it to realize this benefit? How can a company acknowledge that this benefit is realizable or not?

Q : What you believe an hris could do to help minimize potential

What do you believe an HRIS could do to help minimize potential conflicts between hiring in the United States vs. hiring in Spain?

Q : Calculate the companys sustainable growth rate

Calculate the company's sustainable growth rate and advise the company on the amount of new funding that would required in order to achieve this level of growth

Q : What is walmart cultural, environmental, legal implications

Problem: What is Walmart cultural, environmental and legal implications of unfair treatment of employees?

Q : Was there a capital gain when the machinery wassold

Was there a capital gain when the machinery wassold? Explain your answer. Was there a CCA recapture or terminal Loss?Explain your answer.

Q : What is the maximum mortgage she would qualify for

What is the maximum mortgage she would qualify for when stress test is applied? What would her mortgage payment be at a rate of 3.2% for a 25-year amortization?

Q : Discuss about rate of change among teenage pregnancy

For example, the rate of change among teenage pregnancy for the last ten years or the rate of change for your monthly cellphone bill for the last 5 years, etc.

Q : Determine the benefit payments received by samantha

Determine whether the benefit payments received by Samantha, which total $24,000 over the course of a year, are considered taxable income.

Q : Explain the workplace practice of outside work

Please explain the workplace practice of outside work, contract work, and temporary work.

1958636

Questions
Asked

3,689

Active Tutors

1440724

Questions
Answered

Start Excelling in your courses, Ask a tutor for help and get answers for your problems !!

ask Question

Asked Questions

Discuss patient with athsma about use of bronchodilators

You're instructing a patient with athsma about the use of bronchodilators. You should teach the patient which one?

Discuss new forms of advertising changing opdps work

How have social media and other new forms of advertising changing OPDP's work?

Observing and reporting a correctional clients behavior

Observing and reporting a correctional client's behavior is extremely important, to ensure they receive the right mental health care.

Discussion about improve patient satisfaction scores

You are trying to improve patient satisfaction scores in your hospital's emergency department. You decide to poll 40 patients a day for three weeks.

Problem concerning about the risk for stroke

Sam is concerned about his risk for his stroke since his dad died of stroke at age 57 based on the following information why would you recommend

Patient presented with acute-onset abdominal pain

You are on your 5th straight duty in the Urgent Care and you are seeing a 18 yo may who presented with acute-onset abdominal pain for 2 days.

Discuss - male with a history of moderate persistent asthma

A nurse is caring for an 8-year-old male with a history of moderate persistent asthma. He is accompanied by his mom and dad who reported