Tax calculations For each of the following cases, determine the total taxes resulting from...

Tax calculations For each of the following cases, determine the total taxes resulting from the transaction. Assume a 40% tax rate. The asset was purchased 2 years ago for $200,000 and is being depreciated under MACRS using a 5-year recovery period. (See Table 4.2 for the applicable depreciation percentages.)

a. The asset is sold for $220,000.

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b. The asset is sold for $150,000.

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c. The asset is sold for $96,000.

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d. The asset is sold for $80,000.

TABLE 4.2 Rounded Depreciation Percentages by Recovery Year Using MACRS for First Four Property Classes