BIG Co.purchased a piece of Class 8 machinery in June of 2018.The cost of the machine was $5,000.In 2020 the machine was sold for proceeds of $2,000 and there were no other purchases or disposals during the year.The UCC in the Class 8 pool was $5,500 at the beginning of 2020.What is the UCC of this class at the end of 2020?
A) $700
B) $2,800
C) $3,500
D) $4,800
Correct Answer:
Verified
Q1: TEX Co.was incorporated in 2020.Incorporation costs were
Q2: SAMI Ltd.was incorporated on January 1, 2020.The
Q4: Which of the following statements regarding recapture
Q5: EARTH Inc.began operating ten years ago and
Q6: Which of the following cases is not
Q7: Lou Silva has owned and operated
Q8: In 2019 a storage facility was destroyed
Q9: WKL Ltd.is a Canadian-controlled private corporation
Q10: Which of the following situations would not
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents