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Answer the following. a. Assume that today is December 31, 2015. Mike Mulligan Excavation Inc. has one Caterpillar 345DL Hydraulic Excavator. It was purchased at

Answer the following.

a.

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Assume that today is December 31, 2015. Mike Mulligan Excavation Inc. has one Caterpillar 345DL Hydraulic Excavator. It was purchased at the beginning of 2014 for exist300,000. The excavator is classified as a 10-year property. (MACRS depreciation rates are shown in the table) Selected financial values for 2015 are shown in the table, below. Assume a corporate tax rate of 35%. What is the tax on sale in 2015 if mikes sells the 345 DL at the end of 2015 for exist225,000? The tax on the sale is exist (Round to the nearest dollar.)

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