Capital gains taxes Perkins Manufacturing is considering the sale of two nondepreciable assets, X and Y. Asset X was purchased for $1,860 and will be sold today for $2,280. Asset Y was purchased for $29,600 and will be sold today for $34,900. The firm is subject to a 34% tax rate on capital gains.

a. Calculate the amount of capital gain, if any, realized on each of the assets X and Y..

b. Calculate the tax on the sale of each asset.