QUESTION 30 At the beginning of 2020. Pitman Co. purchased an asset for $1,200,000 with an estimated useful life of 5 years and an estimated salvage value of S100.000. For financial reporting purposes the asset is being depreciated using the straight-line method; for tax purposes the method is being used. Pitman Co.'s tax rate is 4096 for 2020 and all future years. If the tax basis of Pitman's asset is $720,000 at the end of 2020, then what depreciation method is used to depreciate the asset for taxes? 1. Units of Production 2. Sum of the years digits 3.MACRS 4 Double declining balance QUESTION 31 repeated from above At the beginning of 2020, Pitman 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 method is being used. Pitman Co.'s tax rate is 40W for 2020 and all future years. What deferred amount should be recorded for Pitman in relation to the above asset at 12/31/20? If zero write o