A company purchases a piece of equipment and plans on depreciating it using straight-line depreciation for financial statement purposes, and an accelerated method of depreciation for tax purposes. Taking this into consideration, which of the following is true for the first year of the equipment's life? Select one: a. This approach will reduce net income as reported on the financial statements and thereby reduce taxes. b. Applying the two different depreciation methods will result in a deferred tax item. c. The above scenario will result in a greater tax bill to me from the IRS. d. None of the above are true