FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
9
A company purchases a depreciable asset for $70,000. The asset is depreciated by MACRS depreciation with a 5 year class life. The depreciation schedule is: Year % Depreciation Book Value 0 $70,000 1 20 $14,000 56,000 2 32 22,400 33,600 3 19.2 13,440 20,160 4 11.52 8,064 12,096 5 11.52 8,064 4,032 6 5.76 4,032 0 If the ordinary income tax rate is 40% and the capital gain rate is 20%, determine the after tax salvage value if: a) The asset sold for $10,000 during the 8th year. b) The asset sold for $10,000 during the 4th year. c) The asset sold for $80,000 during the 4th year.
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Transcribed Image Text:A company purchases a depreciable asset for $70,000. The asset is depreciated by MACRS depreciation with a 5 year class life. The depreciation schedule is: Year % Depreciation Book Value 0 $70,000 1 20 $14,000 56,000 2 32 22,400 33,600 3 19.2 13,440 20,160 4 11.52 8,064 12,096 5 11.52 8,064 4,032 6 5.76 4,032 0 If the ordinary income tax rate is 40% and the capital gain rate is 20%, determine the after tax salvage value if: a) The asset sold for $10,000 during the 8th year. b) The asset sold for $10,000 during the 4th year. c) The asset sold for $80,000 during the 4th year.
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