4. Colby is in the furniture moving business he he y m e furniture moving business. He has some equipment that he purchased new two years ago for $6,000. At the time, Colby's accountant told him to depreciate it straight line over six years. Now there is better equipment out there and he wants to get rid of his old machine, but he can get only $1,500 for it. Colby is in the 21% tax bracket. What is the book value of the old machine? What is the market value of the old machine? Will Colby have a gain or loss? How much will his gain or loss be? What will be the tax effect (amount)? What is the after tax salvage value of the old machine