llen Air Lines must liquidate some equipment that is being replaced. The equipment originally cost $21...
llen Air Lines must liquidate some equipment that is being replaced. The equipment originally cost $21 million, of which 85% has been depreciated. The used equipment can be sold today for $5.25 million, and its tax rate is 30%. What is the equipment's after-tax net salvage value? Write out your answer completely. For example, 2 million should be entered as 2,000,000.
Homework Answers
Purcahse Price of Equipment = $21 million
Equipment has been depreciated 85% of its value
Current Book Value = $21 million*(1-85%)
= $3.15 million
Salvage Value = $5.25 million
After Tax Salvage Value = Salvage Value - Tax Rate*(Salvage Value - Current book Value)
= $5.25 million - 30%($5.25 million - $3.15 mililion)
= $4.62 million
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