Tax calculations For each of the following cases, determine the total taxes resulting from the transaction. Assume a 40% tax rate. The asset was purchased 2 years ago for $204,000 and is being depreciated under MACRS using a 5-year recovery period. a. The asset is sold for $224,400. b. The asset is sold for $153,000. c. The asset is sold for $97,920. d. The asset is sold for $78,300. Calculate the firm's tax liability for each case: (Round to the nearest dollar.) Sale Capital Tax on Depreciation Price Gain Capital Gain Recovery $ 224,400 $ Round to the nearest dollar.) Sale Tax on Depreciation Price Capital Gain Recovery $ 153,000 $ Round to the nearest dollar.) Sale Tax on Depreciation Price Capital Gain Recovery 97,920 $ Round to the nearest dollar.) Sale Tax on Depreciation Price Capital Gain Recovery 78,300 $ Capital Gain Capital Gain Capital Gain $ $ $ $ $ $ $ $ $ $ Tax on Recovery Tax on Recovery Tax on Recovery Tax on Recovery $ $ $ Total Tax Total Tax Total Tax Total Tax