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Given a choice, most firms use their annual reports, but use depreciation to report performance to shareholders in early years. All else constant, the present

Given a choice, most firms use their annual reports, but use depreciation to report performance to shareholders in early years. All else constant, the present value of the tax shield generated by depreciation is when using MACRS relative to straight-line.
Straight-line; MACRS; greater
Straight-line; MACRS; less
MACRS; Straight-line; greater
MACRS; Straight-line; less
MACRS; Straight-line; equal
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