Compute recaptured depreciation and capital gain loss if, Financial Management

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Compute recaptured depreciation and capital gain loss if

Carol, ever the creative manager, acquired a doll making machine three years ago for $100,000 and can be sold for $40,000 today. The asset has been depreciated using the MACRS 5-year recovery period and the firm pays 40 percent taxes on both ordinary income and capital gain.

(a) Compute recaptured depreciation and capital gain (loss), if any.

(b) Find her firm's tax liability.

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