Capital gains taxes Perkins Manufacturing is considering the sale of two non depreciable? assets, X and Y. Asset X was purchased for $1,840 and will be sold today for $2,220. Asset Y was purchased for $29,000 and will be sold today for $34,100. The firm is subject to a 34% 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.
a. The capital gain realized on asset X is $ __________
?(Round to the nearest? dollar.)