In December of 20 × 4, Atlas Chemical Corporation sold a forklift for 59.255. The machine was purchased in 20 × 1 for $50,000. Since then $38,845 in depreciation has been recorded on the forklift.
Required:
1. What was the forklift's book value at the time of sale?
2. Compute the gain or loss on the sale.
3. Determine the after-tax cash flow at the time the forklift was sold. The firm's tax rate is 45 percent.
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