purchased a new machine 3 years ago for $80,000. It is being depreciated under MACRS with a 5-year recovery period using the percentages given in Table 4.2 on page 000. Assume a 40% tax rate. a. What is the book value of the machine? b. Calculate the firm’s tax liability if it sold the machine for each of the following amounts: $100,000; $56,000; $23,200; and $15,000. P11–9 Tax calculations For each of the following cases, determine the total taxes resulting from the transaction. Assume a 40% tax rate. The asset was purchased 2 years ago for $200,000 and is being depreciated under MACRS using a 5-year recovery period. (See Table 4.2 on page 120 for the applicable depreciation percentages.) a. The asset is sold for $220,000. b. The asset is sold for $150,000. c. The asset is sold for $96,000. d. The asset is sold for $80,000. ============================================== FIN 486 Week 3 Individual Assignment Long-Term Financial Needs (2 Papers) FOR MORE CLASSES VISIT www.fin486cart.com This Tutorial contains 2 Different Papers You are the head of the Huffman Trucking accounting department. The chief executive officer (CEO) has asked you to prepare a financial report addressing long-term financial needs. Resource: Virtual Organizations Examine financial information for Huffman Trucking, within the Virtual Organization web link located on the course materials page. Read the New Strategic Directions Memo. Calculate external funds needed (EFN) to create the pro forma balance sheet. Calculate the following year-end ratios for the pro forma statements: · Profit as a percentage of sales · Current ratio · Asset ratio Prepare a 500- to 850-word financial report for the CEO containing the EFN calculation, the ratio calculations, and an explanation of how you reached the calculations.