Which of the following statements is true regarding mid-quarter convention? Group of answer choices When mid-quarter convention applies; it applies to all qualified assets placed in service during that tax year not just the ones placed in service in the 4th quarter. Mid-quarter convention applies to both personal and real property. Mid-quarter convention only applies in the year of purchase; all subsequent years' half-year convention is used to calculate depreciation. Mid-quarter convention applies when more than 50% of qualified assets are placed in service in the 4th quarter.