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Assume a company originally paid $400,000 for an asset threee years ago. The assey has a ten-year life and zero salvage value at the end of the ten years. During the past three years the company deducted depreciation on this asset for income tax purposes according to the MACRS depreciation schedule using the half-year convention from Exhibit 3.13. It uses straight line depreciation for financial reporting purposes. In the past the company had $100000 of taxable income and book income  before deducting depreciation expense  and it expects to have that same income  for the foreseeable future. The company has a 40% income tax rate. Calculate  the following for year  4 the amount of tax  the company will pay the depreciation expense and cummulative  depreciation expensed for tax and book purposes the income tax expense shown on the income statement the net income  shown on the income  statement and the balance in its deferred tax asset and liability accounts.



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