2 of 4 (3 complete) HW Score: 75%, 3 of 4 pts Score: 0 of...
50.1K
Verified Solution
Link Copied!
Question
Finance
2 of 4 (3 complete) HW Score: 75%, 3 of 4 pts Score: 0 of 1 pt Problem 10.LO1.3 (similar to) Question Help Assume that today is December 31, 2015. Mike Mulligan Excavation Inc. has one Caterpillar 345DL Hydraulic Excavator. It was purchased at the beginning of 2014 for $291,000. The excavator is classified as a 10-year property. (MACRS depreciation rates are shown in the table ) Selected financial values for 2015 are shown in the table, below. Assume a corporate tax rate of 35%. What is the tax on sale in 2015 ir Mike sells the 345DL at the end of 2015 for $150,000? (Enter any tax benefit as a negative tax.) Selected Financial Values 2015 Mike Mulligan Excavations Inc. Sales Cost of Goods Sold S, G&A $2,464,000 $1,033,000 $818,500 The tax (or tax benefit for an ordinary loss) on the sale is (Round to the nearest dollar) Enter your answer in the answer box and then click Check Answer. All parts showing Clear All Check
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.