An asset was purchased three years ago for $120,000. It falls into the five-year category for MACRS depreciation. The firm is in a 25 percent tax bracket. Use Table 12-12 a. Compute the tax loss on the sale and the related tax benefit if the asset is sold now for $12,560. (Input all amounts as positive values. Do not round intermediate calculations and round your answers to whole dollars.) Tax loss on the sale Tax benefit b. Compute the gain and related tax on the sale if the asset is sold now for $51,060. (Input all amounts as positive values. Do not round intermediate calculations and round your answers to whole dollars.) Taxable gain Tax obligation Table 12-12 Depreclation percentages (expressed in decimals) Depreciation Year 3-Year MACRS 5-Year MACRS 7-Year MACRS 10-Year MACRS 15-Year MACRS 20-Year MACRS 1 2 *** 0.333 0.445 0.148 0.074 4 0.200 0.320 0.192 0.115 0.115 0.058 0.143 0.245 0.175 0.125 0.089 0.089 0.089 0.045 6 0.100 0.180 0.144 0.115 0.092 0.074 0.066 0.066 0.065 0.065 0.033 8 *** 9 0.050 0.095 0.086 0.077 0.069 0.062 0.059 0.059 0.059 0.059 0.059 0.059 0.059 0.059 0.059 0.030 10 11 12 0.038 0.072 0.067 0.062 0.057 0.053 0.045 0.045 0.045 0.045 0.045 0.045 0.045 0.045 0.045 0.045 0.045 0.045 0.045 0.045 0.017 1.000 13 14 15 16 17 18 19 20 21 1.000 1.000 1.000 1.000 1.000