Barber Ltd. has a Class 10 balance of $423,000. During the current year, an asset which cost $42,000 is sold for $51,000. There are no other dispositions during the year and there are over 50 assets left in Class 10. What are the tax consequences of this disposition?

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The Answer of Barber Ltd. has a Class 10 balance of $423,000. During the current year, an asset which cost $42,000 is sold for $51,000. There are no other dispositions during the year and there are over 50 assets left in Class 10. What are the tax consequences of this disposition?