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castortr0y [4]
3 years ago
9

National Geographic is replacing an old printing press with a new one. The old press is being sold for $350,000 and it has a net

book value of $75,000. Assume that National Geographic is in the 40% income tax bracket. How much will National Geographic net from the sale?
Business
1 answer:
kkurt [141]3 years ago
4 0

Answer:

$240,000

Explanation:

National geographic is replacing an old printing machine with a new one

The old printing machine is sold at the price of $350,000

It has a net book value of $75,000

The income tax is 40%

= 40/100

=0.4

The first step is to calculate the taxable value

= $350,000-$75,000

= $275,000

Income tax= taxable value×tax rate

= $275,000×0.4

= $110,000

Therefore, the net from sales can be calculated as follows

= $350,000-$110,000

= $240,000

Hence the net from sale of National Geographic is $240,000

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