Chatterbox Incorporated has a fiscal year-end of December 31, 2020. On January 1, 2020, the company had the following information for their CCA classes: Class 1 - The buildings in Class 1 were...

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Extracted text: Chatterbox Incorporated has a fiscal year-end of December 31, 2020. On January 1, 2020, the company had the following information for their CCA classes: Class 1 - The buildings in Class 1 were acquired in January 2009 at a cost of $734,000, with $84,000 of this total being allocated to land. The UCC balance on January 1, 2020 was $562,154. Class 8 - The equipment in Class 8 was acquired in January 2014 at a cost of $78,500. The UCC balance on January 1, 2020, was $23,520. During the 2020 fiscal year, Chatterbox Inc. sold the following: - Sold all the existing equipment and replaced it with improved equipment that will be leased going forward. The old equipment sold for $32,500 - The company CFO rendered a similar decision regarding the buildings. The buildings were sold for $825,000 and replaced with leased premises. Of the $825,000 received, $100,000 is related to the land on which the buildings are situated Required: For the taxation year ending December 31, 2020, calculate the maximum CCA that can be deducted in class 1 and class 8 by Chatterbox Inc. In addition, indicate if there are any other tax consequences to each transaction. Please show all work.