5 4 points Company A started business on January 1, 20X1, and bought the following piece of equipment. Cost of asset Salvage Useful life Tax rate 20X1 estimated tax payment $700,000 70,000 5 21% 14,000 Depreciation for book and tax purposes is as follows: 00:46:47 Book Tax 20X1 126,000 280,000 20x2 126,000 168,000 20X3 126,000 100,800 20X4 126,000 60,480 20X5 126,000 20,720 20X1 income statement information: Sales Expenses (does not include depreciation expense and tax expense) What is net income for 20X1? Numeric Response 1,267,000 760,000