Suppose the quick towing company purchases a new tow truck

Reference no: EM13387399

Suppose the Quick Towing Company purchases a new tow truck. The old truck had a book value of $ 1,000 and was sold for $ 1,420. If Quick Towing is in the 34 percent marginal tax bracket, what is the tax liability on the sale of the truck? What is the after- tax cash flow on the sale?

Reference no: EM13387399

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