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Question - SCOT company purchased machinery for a sum of 1,000,000, on January 1, 2005. It had an expected life of 10 years without any scrap value. The price indices for the asset were as follows:
January 1, 2005 100
January 1, 2008 160
December 31, 2008 175
Required -
1. Calculate the replacement cost of the machinery on January 1, 2008 according to CCA.
2. Calculate the replacement cost of the machinery on December 31, 2008 according to CCA.
3. Calculate the depreciation as per HCA.
4. Calculate the depreciation as per CCA.
5. Calculate the depreciation adjustment.
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