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A company has a January 1, 2020 balance for CCA class 50 of $77,000. During 2020, the last asset of Class 50 was sold for proceeds of $48,000. That asset had a capital cost of $350,000. No further assets were acquired before the end of the year, and no other assets of this class was owned by the company at the end of the year. Problem 1: Which of the following answers BELOW MULTIPLE CHOICES corresponds to the maximum deduction allowed in relation to the company's Class 50 assets for the year 2020? If the answer is none of the choices shown, please provide correct answer then with calculation/explaination
Option 1: none of the choices shownOption 2: 29,000Option 3: 29150Option 4: 15950Option 5: 123750Option 6: 2750Option 7: 42350Option 8: 5000
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