Question: Please answer this question step by step. Thanks PROBLEM 1 (20 points) and placed it in service. Its cost A petroleum production company purchased an

Please answer this question step by step.

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PROBLEM 1 (20 points) and placed it in service. Its cost A petroleum production company purchased an asset for drilling end of an estimated useful life basis is S60,000. The asset has an estimated MV of$12,000 at the year of years, Determine the depreciation amount in the 3rd year and the BV at the end of fifth life a) The SL method; b) The GDS method

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