may be able to get proofing tools for this language. Downl 3. The Rankin Roofing Co. was formed last year by selling 23 million shares of stock at a price of $17 with a par of $1.50. In its first year, the firm made a net profit of $4.2 million and paid dividends of $.15 per share. Construct the equity section of the balance sheet for the company at the end of the first year. 4. The Hill Co. bought a machine 3 4 years ago for $66,000 with an estimated life of 6 years. The company uses straight-line depreciation methods and estimated a zero salvage value on the machine. The machine was just sold for $34,000. What taxable gain or loss should be reported on the sale of the machine? (and state if it is a gain or loss) If the firm has a 30% tax rate what are the taxes or tax savings from with this sale (and state whether it is taxes or tax savings)