A firm purchases an asset with a cost of $30,000. The firm depreciates the asset to zero oviial straight-line for book purposes and accelerated purposes data for this firm for the first three years ( ted for tax purposes. The current tax rate is 30%. Below is partial Tax Reporting Revenue Depreciation (accelerated) Taxable Income Year 3 20,000 5,000 . Year 1 20,000 12,000 Year 2 20,000 8,000 Year 3 20,000 FinancialReporting Year 1- 20,000 Year 2 20,000 Revenue Depreciation (Straight-Line) Pretax Income a. (2 points) Calculate the tax base of this asset at the end of year 1. b. (2 points) Calculate the carrying value of the asset at the end of year 1. c. (4 points) Calculate the deferred taxes on the balance sheet at the end of vear 1 and at the end of year 2 Also indicate whether they will be deferred tax assets or deferred tax liabilities. d. (4 points ) Use the information above but now assume that early in year 2, the tax rate unexpectedly rises to 50%. Calculate the firm's effective tax rate for year 2