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Which of the following statements regarding recovery periods is/are correct? 1. Most cars are 5-year class life assets. 2. Most office furniture is a 7-year

Which of the following statements regarding recovery periods is/are correct? 1. Most cars are 5-year class life assets. 2. Most office furniture is a 7-year class life asset. 3. Residential rental real estate is depreciated over 27 years. a. 2 only. b. 2 and 3. c. 1 and 3. d. 1, 2, and 3.

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