A firm holds fixed assets in a CCA class with a UCC balance of $10,000...
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Finance
A firm holds fixed assets in a CCA class with a UCC balance of $10,000 and an ACB of $20,000. If the last item in the asset class is sold at a price of $8,000 (proceeds of disposition) which of the following statements is correct?
The firm has a remaining UCC balance of $2,000
The firm has a capital gain on this class of $10,000
The firm has a capital loss on this class of $10,000
The firm has a terminal loss of $2,000.
None of the above are correct
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