|| RAJC 3 year 5 year 10 year 2. From the following please calculate (10 marks) X company bought a new sewing machine for $40,000 that will be depreciating using the tax rate of depreciation for s five year recovery period. a) Find the depreciation charge each year b) If the sewing machine is sold after 3 years for $20,000, what will be the after tax proceeds on the sale if the firm's tax bracket is 35%? Tax rate depreciation schedule Years 7 year 1 33.33 20.00 14.29 10.00 2 44.45 32.00 24.49 18.00 3 14.81 19.20 17.49 14.40 4 7.41 11.52 12.49 11.52 I 5 11.52 8.93 9.22 6 5.76 8.93 7.37 7 8.93 6.55 8 4.45 6.55 9 6.55 10 6.55 3.29