Colby is in the furniture moving business. He has some equipment that he purchased new three years ago for $25,000. At the time, his accountant told him to depreciate it straight line for five years. Now there is a better machine out and Colby would like to dispose of his old machine, but he can get only $7.000 for it Colby is in the 21% tax bracket. What is the book value of the old machine? What is the market value of the old machine? Will there be a gain or a loss? How much will the tax effect be (deduction or additional tax owed)? What is the after tax salvage value of the old machine? 12pt Paragraph BI YA ** were