If the johnson company of problem 1 is subject to a, Financial Management

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If the johnson company of problem 1 is subject to a

1. The Johnson Company bought a truck costing $24,000 two and a half years ago. The truck’s estimated life was four years at the time of purchase. It was accounted for by using straight line depreciation with zero salvage value. The truck was sold yesterday for $19,000. What taxable gain must be reported on the sale of the truck?

2. If the Johnson Company of Problem 1 is subject to a marginal tax rate of 34%, what is the cash flow associated with the sale of the used truck?

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