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

Question

1 Approved Answer

A new machine cost $60,000. The machine will be depreciated on a straight-line basis over 5 years to a salvage value of $1,000. The machine

A new machine cost $60,000. The machine will be depreciated on a straight-line basis over 5 years to a salvage value of $1,000. The machine will be sold 4 years from now for $21,000. 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.

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: 3

blur-text-image

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

Finance Capital A Study In The Latest Phase Of Capitalist Development

Finance Capital A Study In The Latest Phase Of Capitalist Development

Authors: Rudolph Hilferding

1st Edition

0415436648, 978-0415436649

More Books

Students also viewed these Finance questions

Question

★★★★★
Refer to Exercise 7.47. Evaluate (a) P[ > 2.2] (b) P[1.65 Answered: 1 week ago

Answered: 1 week ago

Question

★★★★★
E7-6 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 Hamilton Company uses a periodic inventory system. At the end of the annual accounting period,...

Answered: 1 week ago

Question

★★★★★
3. Total surplus, the total gain to society from the production and consumption of a good, is the sum of consumer and producer surpluses.

Answered: 1 week ago

Question

★★★★★
Prepare the 2015 schedule of cost of goods manufactured for Barton Company using the following information. Direct materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $190,500...

Answered: 1 week ago

Question

★★★★★
A new machine cost $60,000. The machine will be depreciated on a straight-line basis over 5 years to a salvage value of $1,000. The machine will be sold 4 years from now for $21,000. If the tax rate...

Answered: 1 week ago

Question

★★★★★
We are evaluating a project that costs $1,160,000, has a life of 10 years, and has no salvage value. Assume that depreciation is straight-line to zero over the life of the project. Sales are...

Answered: 1 week ago

Question

★★★★★
Exercise 2-22 (Algo) Identifying effects of posting errors on the trial balance LO P1 Posting errors are identified in the following table. In column (1), enter the amount of the difference between...

Answered: 1 week ago

Question

★★★★★
OK Alex Company owns 80 percent of the common stock of Cairo Company. During the year, Alex sold merchandise that cost $9,000 to Cairo for $15,000. At the end of the year, Cairo's ending inventory...

Answered: 1 week ago

Question

★★★★★
On December 31, 2016, Robey Company accumulated the following information for 2016 in regard to its defined benefit pension plan: Service cost $95,610 Interest cost on projected benefit obligation...

Answered: 1 week ago

Question

★★★★★
ENGL 211 ADVANCED WRITING COURSE FALL SEMESTER 2020 Outline of Summary for a Survey Result There are Four major basic things you need to structure a summary of survey result. Q. The line graph below...

Answered: 1 week ago

Question

★★★★★
3. Choose two stocks each from a different industry. a. Create a data file for both stocks with price and return data collated with the risk factors from Kenneth French's database. b. Determine the...

Answered: 1 week ago

Previous Question Next Question