On January 1, 20X1, Canberra Company sold an asset with a book value of $110,000 for cash. Assume two selling prices: $120,000 and $90,000. Requirement 1. For each selling price, prepare a tabulation of the gain or loss, the effect on income taxes, and the total after-tax effect on cash. The applicable income tax rate is 20%. Begin by selecting the labels needed, and then enter the amounts to determine the net cash inflow from sale for each of the two scenarios. (Use parentheses or a minus sign for a loss on sale and tax payment on gain.) Sales proceeds of $120,000 Sales proceeds of $90,000 Cash proceeds of sale Book value of asset sold Pre-tax gain (loss) on sale Tax savings / tax paid Net cash inflow from sale