A company purchases an asset with a 5-year depreciable life for $65,000 with no expected salvage value. The company uses straight line depreciation for financial statements and uses double-declining for tax accounting. Assume a tax rate of 34% What is the value of the company's cumulative deferred tax account at the end of the third year? Enter your answer as a whole number with no commas and no dollar sign. Do not use the half-year convention Which of the following statements regarding the assumptions underlying financial statements is NOT true? O A corporation is distinctly separate from its owners - thus financial statements report only the firm's economic activities. O A firm reports all financial statements in monetary units. A business does not adjust its financial statement accounts to incorporate the effect of inflation. A business entity has a finite life. O A company discloses its financial statements on a recurring basis. Which of the following statements is true regarding the impact of using different inwentory costing methods? a. During periods of inflation, using the LIFO inventory costing approach results in higher taxes and a lower net worth (all else being equal. O b. During periods of inflation the use of FIFO Inventory costing method reduces a company's net worth all else being equally OC None of the other answer options are true. Od. During periods of ceflation, using the FIFO Inventory costing method leads to a lower tax liability (all else equat) Accounting regulatory bodies place no restrictions on the use of Lio inventory costing