1. ____________ is taken in the year in which an asset is first placed into service. 2. The straight-line depreciation method with__________________ allows the company to deduct only half of the...

1. ____________ is taken in the year in which an asset is first placed into service.

2. The straight-line depreciation method with__________________ allows the company to deduct only half of the regular straight-line deduction amount in the__________________ year.

3. Immediate disposal of an old machine usually results in_______________ that is fully deductible from current income for tax purposes.

4. The FASB requires firms to_______________ certain financial (capital) leases and to restate their_____________ .