Assume that the tax rate for a business is 25%. This year, the business has a gross income of $500,000, the operating expenses are $150,000, and the assets of the business are currently worth 1,200,000

Assume that the tax rate for a business is 25%. This year, the business has a gross income of $500,000, the operating expenses are $150,000, and the assets of the business are currently worth $1,200,000. The assets should be depreciated using the declining balance depreciation method, using a depreciation rate of 20%. (Assume this method can be applied to taxes.) How much tax does the firm owe