Perkins Manufacturing is considering the sale of two nondepreciable? assets, X and Y. Asset X was purchased for $1,950 and will be sold today for $2,250. Asset Y was purchased for $30,300 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.