The ABC Corporation placed an asset in service three years ago. The company uses the MACRS method (seven-year life) for tax purposes and the straight-line method (seven-year useful life) for

The ABC Corporation placed an asset in service three years ago. The company uses the MACRS method (seven-year life) for tax purposes and the straight-line method (seven-year useful life) for financial reporting purposes. The cost of the asset is $100,000, and the salvage value used for depreciating purposes is $20,000. What is the difference in the current book value obtained using both methods

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