Perkins Manufacturing is considering the sale of two non depreciable
assets, X and Y. Asset X was purchased for $ 1 comma 920$1,920 and will be sold
today for $ 2 comma 400$2,400. Asset Y was purchased for $ 29 comma 000$29,000
and will be sold today for $ 35 comma 200$35,200. The firm is subject to a 34
%34% tax rate on capital gains.
a. Calculate the amount of capital gain, if any, realized on each of the assets.
b. Calculate the tax on the sale of each asset.
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