Which of the following is a true statement concerning MACRS? Taxpayers are allowed to choose any method for computing depreciation on business assets. The initial tax basis of a purchased asset will typically be the same as the capitalized cost of the asset on financial statements following GAAP. O Salvage value is an important part of the computation of MACRS depreciation O Taxpayers are allowed to estimate the recovery period for depreciable business assets. In 2020, Elena purchased a piece of equipment for $120,000. Elena paid $50.000 down and financed the remaining $70,000 with a 5-year note. The depreciation deduction on the equipment was $17, 148 for 2020 and $29,388 for 2021. Elena has a marginal tax rate of 35%. What is the adjusted basis of this asset at the end of 2021? O $70,000 $120,000 O $46,536 O $3,464 O $73,464