Problem 07-06 (Algo) [LO 7-2] In year 1, Firm A paid $46,000 cash to purchase a tangible business asset. In year 1 and year 2, it deducted $2,860 and $6,300 depreciation with respect to the asset. Firm A's marginal tax rate in both years was 21 percent Required: a. Compute Firm A's net cash flow attributable to the asset purchase in each year, b. Compute Firm A's adjusted basis in the asset at the end of each year Complete this question by entering your answers in the tabs below. que res Computer as net cash flow attributable to the asset purchase in each year (Cash outflows should be indicated by a minus sign. Round your intermediate calculations and final answers to nearest whole dollar amount.) Year Year 2 Before textos Foot cash $ 5 Required B Problem 07-06 (Algo) [LO 7-2] In year 1, Firm A paid $46,000 cash to purchase a tangible business asset. In year 1 and year 2, it deducted $2,860 and $6,300 depreciation with respect to the asset. Firm A's marginal tax rate in both years was 21 percent. Required: o. Compute Firm A's net cash flow attributable to the asset purchase in each year. b. Compute Firm As adjusted basis in the asset at the end of each year. Complete this question by entering your answers in the tabs below. Required A Reduired B Compute Firm A's adjusted basis in the asset at the end of each year, Amount Adjusted basis at end of Year + Adjusted basis at end of Year 2