Question: A new machine cost $43,000. The machine will be depreciated on a straight-line basis over 5 years to a salvage value of $2,000. The machine

A new machine cost $43,000. The machine will be depreciated on a straight-line basis over 5 years to a salvage value of $2,000. The machine will be sold 4 years from now for $22,000. If the tax rate is 16%, what is the after-tax gain on the sale of the machine?

Round your answer to the nearest dollar.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Grunar Industries produces the component parts needed for its popular non-commercial-use drones. One of the key parts has become more costly to produce than first planned, however, so management is...

Queen Victoria Hospital, a for-profit institution, wants to replace its CT scanner with a new model. The cost of the new CT scanner is $5 million. The current CT scanner was purchased three years ago...

Kern Valley Hospital, a taxpaying entity, wants to replace its current labor-intensive telemedicine system with a new automated version that would cost $3,500,000 to purchase. This new system has a...

1i) The December 1, 2020 trial balance of ABC Company included the following information: Debit Credit Accounts Receivable $180,000 Allowance for Doubtful Accounts 1,600 Sales ( includes cash sales...

1, DEF Company had the following transactions during 2020. DEF Company has a December 31 fiscal year end. 1. July 1 Purchased land and an old building for a lump sum payment of $100,000 in cash. The...

1. Compute the net present value for an option of not replacing and using old PJ-1s for the next 15 years. Fly-by-Night Airlines is a major commercial air carrier offering passenger service between...

Question: Prepare an accrual-based income statement for 2018 and a balance sheet as of December 31, 2018 using good form. HomeVideo, Inc. is a retailer of home theater and wired home 3. The equipment...

PLEASE ANSWER THE QUESTIONS WITH EXPLANATION. Fly-by-Night Airlines Fly-by-Night Airlines is a major commercial air carrier offering passenger service between most large cities in the United States....

Fly-by-Night Airlines is a major commercial air carrier offering passenger service between most large cities in the United States. One of its more profitable routes is between Los Angeles and New...

Please answer #2 and show me how you were able to get your answers through excel please! Fly-by-Night Airlines is a major commercial air carrier offering passenger service between most large cities...

Virtual child pornography is the term given to video depictions of child-child or child-adult sexual activity in which the participants are not actual children but realistic computer-generated images...

Equity method and consolidated financial statements with non-controlling interest. The first two columns of Exhibit 13.17 present information from the accounting records of Parent Company and Sub...

This question will be sent to your instructor for grading. Item 1 5 points Time Remaining 3 hours 5 3 minutes 3 0 seconds 0 3 : 5 3 : 3 0 eBook Print References Item 1 Time Remaining 3 hours 5 3...

Engineers should only work within their area of competence. Group of answer choices True False

After having studied in South Korea, your friend Vicky has decided to stay there and look for a job. She has sent her rsum to a number of companies and has an interview with one of them this...

Youre studying abroad at a Japanese university. During one of your classes, you have a question about something the professor has said. In the United States, you would naturally raise your hand and...

How might the dominant culture of the United States help diverse groups assimilate?