Genetic Insights Co. purchases an asset for $14,981. This asset qualifies as a seven-year recovery asset under MACRS. Th

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answerhappygod
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Genetic Insights Co. purchases an asset for $14,981. This asset qualifies as a seven-year recovery asset under MACRS. Th

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Genetic Insights Co. purchases an asset for $14,981. This assetqualifies as a seven-year recovery asset under MACRS. Theseven-year fixed depreciation percentages for years 1, 2, 3, 4, 5,and 6 are 14.29%, 24.49%, 17.49%, 12.49%, 8.93%, and 8.93%,respectively. Genetic Insights has a tax rate of 30%. The asset issold at the end of six years for $4,827. Calculate gain or loss ondisposal. Gain should be entered as a positive number. Loss shouldbe entered as a negative number. Round the answer to twodecimals.
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