bayly corporation owns and operates a successful chain of retail pipe and tobacco

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1. Over the past three years, the company profits have averaged $750,000 before depreciation, amortization, and income taxes. This average is expected to continue in future years.
2. The company operates solely in Saskatchewan.
3. Total salaries paid in 20X1 amounted to $400,000, of which $300,000 related directly to manufacturing and $100,000 was for management.
4. All fixed assets were used for manufacturing purposes.
5. The patent on a special pipe filter has 10 years of legal life remaining.
6. Inventory shows a cost of $700,000.However, the company has indicated that the actual cost was $800,000, as the company intentionally lowered its inventory to reduce taxes.
7. The fair market values of other assets are as follows:
Land
$200,000
Building
700,000
Equipment
600,000
Patent
300,000
Goodwill
400,000
8. The UCC of the depreciable assets is as follows:
Class 3
$150,000
Class 43
300,000
Class 44

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