Need to be able to work this in excel, so providing an excel explanation would be great. Thank you!

Need to be able to work this in excel, so providing an excel explanation would be great. Thank you!

Book value and taxes on sale of assets: Troy Industries purchased a new machine 5 year(s) ago for $82,000. It is being depreciated under MACRS with a 5-year recovery period using the schedule.... Assume 40% ordinary and capital gains tax rates. 20% Rounded Depreciation Percentages by Recovery Year Using MACRS for First Four Property Classes Percentage by recovery year* Recovery year 3 years 5 years 7 years 10 years 1 33% 14% 10% 2 45% 32% 25% 18% 3 15% 19% 18% 14% 4 7% 12% 12% 12% 5 12% 9% 9% 6 5% 9% 8% 7 9% 7% 8 4% 6% 9 6% 10 6% 11 4% Totals 100% 100% 100% 100% New Machine Time (recovery) Rate $82,000 5 40% b. Calculate the firm's tax liability if it sold the machine for each of the following amounts: $98,400; $57,400; $4,100; and $2,900. Calculate the firm's tax liability for each case Tax on Capital Gain Capital Gain Depreciation Recovery Tax on Recovery Total Tax Sale Price $98,400 $57,400 $4,100 $2,900