1) Develop the depreciation and book value schedules using the GDS MACRS method and Table 12.4 for oil and gas drilling equipment that cost $1.2 million. A salvage value of $300,000 is estimated. 2) Four years ago, Hyperloop Transportation Technologies paid $5 billion for rights to remove vibranium from Wakanda for use in the fabrication of passenger pods. The yearly amounts removed in grams are 275,000; 250,000; 320,000; and 425,000. Vibranium prices per gram over the 4 years have averaged $9,400, $9,550, $9,785, and $10,000 annually. Use percentage depletion to compute the annual depletion amount based on a 22% allowance. 1) Develop the depreciation and book value schedules using the GDS MACRS method and Table 12.4 for oil and gas drilling equipment that cost $1.2 million. A salvage value of $300,000 is estimated. 2) Four years ago, Hyperloop Transportation Technologies paid $5 billion for rights to remove vibranium from Wakanda for use in the fabrication of passenger pods. The yearly amounts removed in grams are 275,000; 250,000; 320,000; and 425,000. Vibranium prices per gram over the 4 years have averaged $9,400, $9,550, $9,785, and $10,000 annually. Use percentage depletion to compute the annual depletion amount based on a 22% allowance