P11-9 Tax calculations For each of the following cases, determine the total taxes resulting from the transaction. Assume a 21% tax rate. The asset was purchased two years ago for $200,000 and is being depreciated under MACRS, using a five-year recovery period. (See Table 4.2 for the applicable depreciation percentages.) a. The asset sells for $220,000. b. The asset sells for $150,000. c. The asset sells for $96,000. d. The asset sells for $80,000.