Decline in value machine, tax consequences disposal of machine

Acme Pty Ltd acquired a machine from its parent company for $500,000 on 1 January of this year. The market value of the machine at that time was $300,000. The parent company has owned the machine for three years and calculated its depreciation deductions using the prime cost method and an effective life of eight years. REQUIRED: Calculate the decline in value of the machine for Acme Pty Ltd this income year. Assume that it is not a leap year and Acme is not a small business entity. Part B Acme Pty Ltd intends to sell the machine to an unrelated party for $400,000 on 1 December of this year. REQUIRED: Advise Acme Pty Ltd of its tax consequences on intended disposal of the machine