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Allen Airlines must liquidate some equipment that is being replaced.Theequipmentoriginallycost$12 million, of which 75% of equipment has been depreciated.The used equipment can be sold today

Allen Airlines must liquidate some equipment that is being replaced.Theequipmentoriginallycost$12 million, of which 75% of equipment has been depreciated.The used equipment can be sold today for $4 million, and its tax rate is 40%.What is the equipment's after-tax net salvage value (net proceeds from selling the equipment)?

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