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Phillips Inc. sold machinery with a $ 1 3 7 , 7 0 0 adjusted tax basis for $ 2 0 8 , 0 0

Phillips Inc. sold machinery with a $

137, 700

adjusted tax basis for $

208, 000 .

The buyer paid $

21, 000

in cash and took on Phillips's $

187, 000

mortgage on the machinery. Calculate Phillips's net cash flow from the sale, assuming a

21 % .

tax rate.

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