During 2021, your company acquired depreciable property for $437,000 to be used in your business. The accountant misclassified the property including it in Class 1 at the end of the year (it was not included in a separate Class 1). Early in 2022, the misclassification was discovered and you learned that the property should have been included in Class 8. What was the impact of this error on your 2021 business income? Assume that the company always claims maximum CCA.
