Given a choice, most firms use depreciation to report performance to shareholders in their annual reports, but use depreciation for tax purposes to lessen tax liabilities in the early years. All else constant, the present value of the tax shield generated by depreciation is when using straight-line relative to MACRS. Straight-line; MACRS; greater Straight-line; MACRS; less O MACRS; Straight-line; greater MACRS: Straight-line; less O MACRS; Straight-line; equal You are considering investing in a process that is a cost-cutting proposal. The process has an initial cost of $240 and will be depreciated straight-line (no half-year convention) to zero over its three year life. Assume a 34% tax bracket, a WACC of 10%, and a salvage value of zero. What is the annual depreciation tax shield (savings) for the project? O $52.80 O $25.50 $24.73 $27.20 $49.50