For the following questions, circle the best response.
A firm wishing to minimize the amount reported for taxable income and maximize the amount reported as net income in the year in which a new long-term asset is placed in service would
a. use straight-line depreciation for both book and tax purposes.
b. use an accelerated depreciation method for both book and tax purposes.
c. use straight-line depreciation on the books and an accelerated method for tax purposes.
d. use an accelerated depreciation method on the books and straight-line depreciation for tax purposes.
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