Good day! Please answer the question below. You only answer letter (1b). Note that DB Method is (Declining Balance Method) This is how you answer the problem. Identify first the given. Next identify what is being ask in the problem.Third show me the Formula first before you plug-in the given into it ,i want to study and learn from your solution

ITEM 1: An asset for drilling was purchased and placed in service by a petroleum production company. Its cost basis is $60,000 and it has an estimated MV of $12,000 at the end of an estimated useful life of 14 years. Compute the accumulated depreciation in the third year and the BV at the end of 5th year of life by each of these methods at the rate of 9%: 1a. The SF Method 1b. The DB Method