2 years ago, you purchased product for factory The product was purchased for $3, 000 The product was expected to depreciate at a rate of 10%, using the declining balance method Today, you sold the...

2 years ago, you purchased product for factory

The product was purchased for $3, 000

The product was expected to depreciate at a rate of 10%, using the declining balance method

Today, you sold the pump for $7, 400, after which the asset pool was closed

Given that 50% of capital gains are taxable, and that the corporate income tax rate is 45%, what are your after-tax proceeds from the sale of the pump

Assume no capital losses are available, and that the half year rule does not apply and round your total to the nearest whole dollar.