Year 1 2 MACRS Depreciation Rates 5-Year 7-Year 20.00% 14.29% 32.00% 24.49% 19.20% 17.49% 11.52% 12.49% 11.52% 8.93% 10-Year 10.00% 18.00% 14.40% 11.52% 9.22% 3 4 5 Assume that today is December 31, 2015. Mike Mulligan Excavation Inc. has one Caterpillar 345DL Hydraulic Excavator. It was purchased at the beginning of 2014 for $298,000. The excavator is classified as a 10-year property. (MACRS depreciation rates are shown in the table B.) Selected financial values for 2015 are shown in the table, below. Assume a corporate tax rate of 35%. What is the tax on sale in 2015 if Mike sells the 345DL at the end of 2015 for $231,000? Selected Financial Values 2015 Mike Mulligan Excavations Inc. Sales Cost of Goods Sold S, G&A $2,455,000 $1,041,000 $817,900 The tax on the sale is $ (Round to the nearest dollar.)