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1. At the beginning of 2018, EZ Co. Purchased an asset for $952,500 with an estimated...

1. At the beginning of 2018, EZ Co. Purchased an asset for $952,500 with an estimated useful life of 5 years and an estimated salvage value of $40,000. 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. EZ's tax rate is 35% for 2018 and all future years. At the end of 2018, what are the book basis and the tax basis of the asset?

2. At the end of 2018, which deferred tax account and balance is reported on EZ's balance sheet? You must spell out the account name in order to get points.

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