Capital gains taxes Perkins Manufacturing is considering the sale of two nondepreciable assets, X and Y. Asset X was purchased for $1,960 and will be sold today for $2,220. Asset Y was purchased for $29,900 and will be sold today for $34,900. The firm is subject to a 40% tax rate on capital gains. a. Calculate the amount of capital gain, if any, realized on each of the assets. b. Calculate the tax on the sale of each asset.