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Homework answers / question archive / At the beginning of 2020, Rodlin Inc
At the beginning of 2020, Rodlin Inc. has two assets in Class 8. The cost of each asset was $980 and the Class 8 UCC balance on January 1, 2020 was $250. On July 31, 2020, one of the assets was sold for $360. There are no other additions or dispositions prior to the Company's December 31, 2020 year end.
What is the amount of the increase in the Company's net business income as a result of this disposition? Enter as a positive number.
Business income = Sale proceeds (-) UCC balance
Given,
Sale proceeds= 360
UCC balance= 250
Put the values in the formula;
= $360- $250
= $110
