FREE Trial S
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A new machine cost $43,000. The machine will be depreciated on a straight-line basis over 5 years to a salvage value of $2,000. The machine

A new machine cost $43,000. The machine will be depreciated on a straight-line basis over 5 years to a salvage value of $2,000. The machine will be sold 4 years from now for $22,000. If the tax rate is 16%, what is the after-tax gain on the sale of the machine? Round your answer to the nearest dollar.

ASAP PLEASE

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_step_2

Step: 3

blur-text-image_step3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Emotions In Finance Booms Busts And Uncertainty

Emotions In Finance Booms Busts And Uncertainty

Authors: Jocelyn Pixley

2nd Edition

ISBN: 1107633370, 978-1107633377

More Books

Students also viewed these Finance questions

Question

★★★★★
Wyoming Restoration Company completed the following selected transactions during July 20Y1: July 1. Established a petty cash fund of $1,100. 12. The cash sales for the day, according to the cash...

Answered: 1 week ago

Question

★★★★★
Solve A yo-yo with a radius of 1.31 inches spins at a rate of 5200 revolutions per minute. Find the linear speed of a point on the edge of the yo-yo in miles per hour. (NOTE: 1 mile = 5280 feet)...

Answered: 1 week ago

Question

★★★★★
Explain why ethics is a factor in crisis communication.

Answered: 1 week ago

Question

★★★★★
Information for Blake Corporation's property, plant, and equipment for 2007 is: Depreciation Method and Useful Life Building: 150%-declining-balance; 25 years. Machinery and equipment: Straight-line;...

Answered: 1 week ago

Question

★★★★★
A new machine cost $43,000. The machine will be depreciated on a straight-line basis over 5 years to a salvage value of $2,000. The machine will be sold 4 years from now for $22,000. If the tax rate...

Answered: 1 week ago

Question

★★★★★
Natalie's Nail Salon has 2 locations: Natalie's Downtown, and Natalie's By-the-Beach. The two salons combined performed 343 pedicures in the first quarter of 2011, and 380 pedicures in the second...

Answered: 1 week ago

Question

★★★★★
Federated Fabrications leased a tooling machine on January 1, 2024, for a three-year period ending December 31, 2026. The lease agreement specified annual payments of $36,000 beginning with the first...

Answered: 1 week ago

Question

★★★★★
1.Exercise 5-26 ( Page 184) Activity-based costing, manufacturing. Decorative Doors, Inc., produces two types of doors, interior and exterior. The company's simple costing system has two direct-cost...

Answered: 1 week ago

Question

★★★★★
Considering your chosen position (medical assistant, medical office administrator, medical coder, or medical billing and insurance specialist) What area(s) of the life cycle of the claim is affected...

Answered: 1 week ago

Question

★★★★★
Exercise 6-31 (Algorithmic) (LO. 3) Stanford owns and operates two dry cleaning businesses. He travels to Boston to discuss acquiring a restaurant. Later in the month, he travels to New York to...

Answered: 1 week ago

Question

★★★★★
Hans runs a sole proprietorship. Hans has reported the following net 1231 gains and losses since he began business. Net 1231 gains shown are before the lookback rule. (Leave no answer blank. Enter...

Answered: 1 week ago

Previous QuestionNext Question