Use the following information for questions 52 and 53.
At the beginning of 2015, Pitman Co. purchased an asset for $1,200,000 with an estimated useful life of 5 years and an estimated salvage value of $100,000. 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. Pitman Co.'s tax rate is 40% for 2015 and all future years.
-At the end of 2015, what are the book basis and the tax basis of the asset?

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The Answer of Use the following information for questions 52 and 53.
At the beginning of 2015, Pitman Co. purchased an asset for $1,200,000 with an estimated useful life of 5 years and an estimated salvage value of $100,000. 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. Pitman Co.'s tax rate is 40% for 2015 and all future years.
-At the end of 2015, what are the book basis and the tax basis of the asset?

Use the Following Information for Questions 52 and 53