3. The Hill Co. bought a machine 2 2 years ago for $66,000 with an...
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3. The Hill Co. bought a machine 2 2 years ago for $66,000 with an estimated life of 6 years. The company uses straight-line depreciation methods and estimated a zero salvage value on the machine. The machine was just sold for $34,000. What taxable gain or loss should be reported on the sale of the machine? (and state if it is a gain or loss) If the firm has a 30% tax rate, what are the taxes or tax savings from with this sale (and state whether it is taxes or tax savings)
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