CHAPTER 19 10. At the beginning of 2018, Whitney Co. purchased an asset for $1,800,000 with an estimated useful life of 5 years and an estimated salvage value of $150,000. For financial reporting purposes the asset is being depreciated using the straight-line method; for tax purposes the double declining balance method is being used whitney C s tax rate is 4 % for 2018 and all future years a) At the end of 2018, what are the book basis and the tax basis of the asset? b) At the end of 2018, which deferred tax account and balance is reported on Whitney's balance sheet