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Determine the after-tax gain or loss on sale

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Point 1: DC company purchased equipment for $160,000 on June 13, Year 4. The equipment has a 10 year useful life and a $12,000 residual value. DC sold the equipment to their subsidiary on April 7, Year 8, for $88,000. Round depreciation to the nearest month. Use the SL method. DC has a 35% tax rate.

Question 1: Determine the after-tax gain or loss on sale. Show calculation for possible part marks. No journal entry required!

Reference no: EM132478835

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