An asset was purchased three years ago for $120,000. It falls into the five-year category for MACRS

Question:

An asset was purchased three years ago for $120,000. It falls into the five-year category for MACRS depreciation. The firm is in a 35 percent tax bracket. Compute the following:
a. Tax loss on the sale and the related tax benefit if the asset is sold now for $15,060.
b. Gain and related tax on the sale if the asset is sold now for $56,060.