Assume that the modified accelerated cost recovery system is used to account for a depreciable asset for tax purposes. In general, which of the following observations is correct?a. Depreciation amounts will be the same for financial reporting purposes.b. In the early years of an asset's life, depreciation will be greater for tax than for financial reporting purposes.c. In the early years of an asset's life, depreciation will be less for tax than for financial reporting purposes.d. The tax life will exceed the financial reporting life.
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