17.14 Four years ago Hartcourt-Banks pur- chased an asset for $200,000 with an estimated S = $40,000. MACRS depre- ciation was charged over a 3-year recov- ery period. The following gross incomes and expenses were recorded, and an ef- fective tax rate of 40% was applied. Tab- ulate CFAT under the assumption that the asset was (a) discarded for $0 after 4 years and (b) sold for $20,000 after 4 years. For this tabulation only, neglect any taxes that may be incurred on the sale of the asset. Year of ownership Gross income, $ Expenses, $ 1 | 2 | 3 | 4 80,000 150,000 120.000 100.000 -20.0001-40,0001-30,0001 - 50,000