Problem 12-31 Tax losses and gains in capital budgeting [LO2] An asset was purchased three years ago for $210,000. It falls into the five-year category for MACRS depreciation. The firm is in a 35 percent tax bracket. Use Table 1212. a. Compute the tax loss on the sale and the related tax benefit if the asset is sold now for $24,060. (Input all amounts as positive values. Do not round intermediate calculations and round your answers to whole dollars.) Tax loss on the sale $ Tax benefit $ b. Compute the gain and related tax on the sale if the asset is sold now for $74,060. (Input all amounts as positive values. Do not round intermediate calculations and round your answers to whole dollars.) Taxable gain $ Tax obligation $