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A wholesale business with a December 31 year-end purchased new equipment on November 25,2021, for...

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Accounting

A wholesale business with a December 31 year-end purchased new equipment on November 25,2021, for $41,000. Before 2021, the business owned no other equipment.
Required:
a. What are the tax consequences if the business sells the equipment in 2023 for (a) $16,000?(b) $24,000?(c) $47,000?(Use a minus sign (-) when entering numbers that reduce UCC.)
b. How would your answer change if on December 31,2023, the business acquired new equipment costing $1,200? Assume the new equipment is not designated immediate expensing property. (Use a minus sign (-) when entering numbers that reduce UCC.)

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