In class 8 there are many assets. A few sold - not all.
I entered proceeds of disposal in S8 (column 8)
Class 8 has a beginning UCC (column 2) of over $20k and proceeds of dispositions are $17k.
Therefore UCC (coloumn 9) is a positive number. Need a negative number for recapture.
I know there was a gain on sale on those particular assets when I look at their UCC and what they sold for.
What GIFI code does the gain go to?
I noticed if If I put it in GIFI 8210 Realized gain/losses on disposal of assets it gets deducted in schedule 1.
My JE for the sale of one piece of equipment:
DT Bank XXX
DT Accumulated Amortization XXX
CT Gain on sale of asset XXX
CT HST payable XXX
CT Equipment XXX