Which of the following statements about the Modified Accelerated Cost Recovery System $($MACRS$)$ is correct?

Multiple Choice

It provides a short$-$term tax benefit because of the higher depreciation expense reported in

the early years of an asset's life.

It is similar to the units$-$of$-$production depreciation method.

It is acceptable for use when preparing financial statements.

It is applied using longer asset lives than the estimated useful lives required by GAAP.