Need the answer in detail asap!!! (Canada)Jon’s Auto Parts Ltd., which manufactures equipment, had the following balances in itsrecords concerning its capital assets as at January 1,...

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Need the answer in detail asap!!! (Canada) Jon’s Auto Parts Ltd., which manufactures equipment, had the following balances in its records concerning its capital assets as at January 1, 2020: Amortization CCA Type of asset Straight Line Book Value Class ucc Land N/A $120,000 Building 40 years $900,000 1 $568,000 Equipment 5 years $163,000 8 39,000 Leasehold improvements (see below) $113,000 13 165,000 Owner's Vehicle 5 years $56,000 101 23,500 Class 13 assets consist of: - Improvements to a leased warehouse costing $100,000 in 2019. The remaining length of the lease in 2019 was six years with two successive options of four years. - Improvements to a leased office space for head office downtown, costing $81,600 in 2017. The remaining length of lease in 2017 was five years with an option to renew for an additional one year. The Owner's vehicle was sold in 2020 for $32,000. Required — Calculate the total CCA the Jon’s Auto Parts can claim for 2020. Assume they do take advantage of the Accelerated Investment Incentive
Answered Same DayOct 12, 2022

Answer To: Need the answer in detail asap!!! (Canada)Jon’s Auto Parts Ltd., which manufactures equipment, had...

Rochak answered on Oct 13 2022
60 Votes
CL. 1:
    CL. 8:
    CL. 13:
    Cl. 10.1:
    
    4%
    20%
    20%
    30%
    UCC. Jan 1.19
    568000
    39000
    1
00000
    23500
    Building
    900000
    
    
    
    Equipment
    
    163000
    
    
    Leasehold improvements
    
    
    113000
    
    Owner's vehicle
    
    
    
    56000
    UCC...
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