Phantom Corporation purchased equipment for $50,000, four years ago. The accumulated depreciation to date is $41,360. If they were able to sell the equipment today for $20,000, what would be the amount of tax due

The correct answer is $11,360 × X.

For Tax rate = X

Explanation:

According to the scenario, the given data are as follows:

Equipment purchased = $50,000

Accumulated depreciation = $41,360

Equipment sale value = $20,000

So, Book value = Equipment purchased - Accumulated depreciation

= $50,000 - $41,360

= $8,640

Now, Capital Gain = Sale value - Book value = $20,000 - $8,640 = $11,360

As, there is no Tax rate is given, so assume tax rate = X

So, The amount of tax due = Capital gain × Tax rate

= $11,360 × X

If tax rate = 20%

Then Amount of tax due = $11,360 × 20% = $2,272.

hi,

henry is an economist and wants to understand the relationship between inflation and consumer spending habits. for his research, he needs the consumer price index for 2014 and the inflation rate. based on the prices of goods given, what will he find to be the cpi and inflation rate for 2014? assume that a consumer’s basket for three consecutive years consists of the following:

you dont privide answer choices.

answer - 15% of a inflatation rate is 15% less in cpi

answer; be sure that the information on file is correct;