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What is the book value of the old oven

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Three years ago Cody bought a special oven for his small restaurant. At the time he paid $8,000 for it and the accountant told him to depreciate it straight line over five years. Now there is a new much improved oven out so Cody is going to sell his old oven. He can get $3,500 for the old oven. Cody is in the 21% tax bracket.

Question 1: What is the book value of the old oven?

Question 2: What is the market value of the old oven?

Question 3: Will there be a gain or a loss?

Question 4: What will be the amount of the tax effect?

Question 5: What is the after tax salvage value of the old oven?

Reference no: EM132499807

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