MUST INCLUDE CASHFLOW DIAGRAM

17.37 Determine the erated by each event described below. Use amount of any DR, CG gen result to determine the income tax effect, if the T, (a) A strip of land zoned as "Commercial A" 30% purchased 8 years ago for $2.6 million was just sold at a 15% profit. (b) Earthmoving equipment purchased for $155,000 was depreciated using MACRS over a 5-year recovery period. It was sold at the end of the fifth year of ownership for $10,000 A MACRS-depreciated asset with a 7-year recovery period has been sold after 8 years at an amount equal to 20% of its first cost of $150,000. (c)