Calculate the amount of capital gain if any realized on, Financial Management

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Calculate the amount of capital gain if any realized on

Capital gains taxes-Perkins Manufacturing is considering the sale of two nondepreciable? assets, X and Y. Asset X was purchased for $1,960 and will be sold today for $2,220. Asset Y was purchased for $29,900 and will be sold today for $34,900. The firm is subject to a 40% tax rate on capital gains. a. Calculate the amount of capital? gain, if? any, realized on each of the assets. b. Calculate the tax on the sale of each asset.

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