At the beginning of 2021 , Chappy Co. purchased an asset for $1,200,000 with an estimated useful life of 5 years and an estimated salvage value of $100,000. For financial reporting purposes the asset is being depreciated using the straight-line method. For tax purposes the modified accelerated cost recovery system (MACRS) is used, which allows deductions at the following percentages of the asset's acquisition price: Chappy Co.'s tax rate is 40% for 2021 and all future years. At the end of 2021 , what are the book basis and the tax basis of the asset? a b c