Uniform annual benefit 158.3 5. Accounting records indicate that an asset in use has a book value of $2880. The asset cost $50,000 when I was purchased and has a life span of 5 years. It has been depreciated under the MACRS method. Based on the info available, determine how many years the asset has been in service. Hint: use MACRS Table to find out the life span of the asset usage. (20 pts) A firm's federal tax rate is 21%; state is 6.5%. What is firm's combined federal & state income tax rate? (10 pts)