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Question - In December of 20x4, Atlas Chemical Corporation sold a forklift for $17,300. The machine was purchased in 20x1 for $70,000. Since then $50,400 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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