Assignment:
Famous Danish Corp is replacing an old cookie cutter with a new one. The cookie cutter is being sold for 25,000 and it has a net book value of 75,000. Assume that Famous Danish is in the 34% income tax bracket. How much will Famous Danish net from the sale?
a.61,000 b 55,000 c. 75,000 d. 42,000
Provide complete and step by step solution for the question and show calculations and use formulas.