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ABC Company bought a new painting machine on 1/1/20 for $120,000. The estimated life of...

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ABC Company bought a new painting machine on 1/1/20 for $120,000. The estimated life of the machine was 4 years. Straight-line depreciation with a $0 salvage value was used. The income tax rate is 40%. On 1/1/23 (after 3 full years), the machine was sold. 1. The net cash inflow from the sale of the machine for $36,000 on 1/1/23 was A. $37,600 B. $36,600 C. $35,600 D. $34,600 E. $33,600 2. The net cash inflow from the sale of the machine for $22,000 on 1/1/23 was A. $23,200 B. $24,200 C. $25,200 D. $26,200 E. $27,000 3. The net cash inflow from the sale of the machine for $30,000 on 1/1/23 was A. $29,000 B. $30,000 C. $31,000 D. $32,000 E. $33,000

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