z/attempt.php?attempt-202735&cmid=200244 - OURSES FACULTY SUPPORT UB ONLINE STUDENT ORIENTATION Exercise A Time left 1:04:23 At the beginning of 2013, Able Co. purchased an asset for $900,000 with an estimated useful life of 5 years and an estimated salvage value of $75,000. For financial reporting purposes the asset is being depreciated using the straight-line method; for tax purposes the double-declining-balance method is being used. Able Co.'s tax rate is 40% for 2013 and all future years. (20 points) 1. At the end of 2013, what is the book basis and the tax basis of the asset? Book basis Tax basis 5pts 5pts 2. At the end of 2013, which of the following deferred tax accounts and balances is reported on Ables' balance sheet? Account pts 69 Balance pts