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Question - Wolfe Ltd. has a December 31 year end. It purchased a Class 10.1 automobile four years ago for $38,000. On January 1, 2015, the undepreciated capital cost for this Class 10.1 was $12,900. During 2015, it was sold for $10,000. What is the effect on Net Income For Tax Purposes of this sale?
1) No effect
2) Capital loss of $2,900.
3) CCA deduction of $1,935.
4) Terminal loss of $2,900.
What amount that ABC accrue as a contingent liability in its balance sheet? Should ABC disclose the contingency in its note
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