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An asset was purchased three years ago for $120,000. It fallsinto the five-year category for MACRS depreciation. The firm is ina 35 percent tax bracket. Use Table 12–12.a. Compute the tax loss on the sale and therelated tax benefit if the asset is sold now for $12,560.(Input all amounts as positive values. Do not roundintermediate calculations and round your answers to wholedollars.)  Tax loss on the saleTax benefitb. Compute the gain and related tax on the sale ifthe asset is sold now for $51,060. (Input all amounts aspositive values. Do not round intermediate calculations and roundyour answers to whole dollars.)  Taxable gainTax obligation
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