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Question - On November 1, 2019, an additional $500,000 of long-term loan was taken out to help finance the purchase of certain manufacturing equipment for $600,000. (Note: the additional $100,000 was paid for with cash.) Given this new loan and CAP's revised debt load, CAP must now maintain a maximum debt to equity ratio of 3:1 and its financial statements must comply with ASPE. If CAP breaches the covenant, the bank has the ability to call for the loan in full.
The manufacturing equipment that was purchased during the year will be depreciated over 10 years. It is classified as class 39 and has a CCA rate of 25%. CAP is taxed at the highest possible rate of 45%, and the half-year rule applies. Robert explained that CAP has not taken any consideration for potential tax consequences on the equipment purchase. (Note: for simplicity, assume that all other future tax considerations have been properly addressed.)
Explain the accounting issue under IFRS and ASPE and resolve the issue.
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