Problem
A $150,000 asset has been depreciated with the straight-line method over an 8-year life. The estimated salvage value was $30,000. At the end of the 5th year the asset was sold for $90,000. From a tax perspective, what is happening at the time of disposal, and what is the dollar amount?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.