the straight line method is often used

21. Which is not one of the Classic Depreciation Methods? a. Straight-line (SL) b. Sum-of-the-years'-digits (SOYD) Declining balance (DB) d. Accelerated Cost Recovery System (ACRS) and Modified ACRS (MACRS) 22. The Accelerated Cost Recovery System (ACRS) ignores salvage and MACRS adopts half-year conventic for first and final years. True or False 23. The straight- line (SL) method is often used for intangible property such as patents. True or False 24. Land is a depreciable asset as land appreciates overtime. True or False 25. An asset was sold for $50,000 at the end of its useful life of 7 years. The equipment was b for $400,000. If it has been depreciated as a 7-year MACRS property, the depreciation reca on this property is $50,000 True or False