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 Market Value (Salvage Value) of $12,000 at the end of an...

Extracted text: 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 Market Value (Salvage Value) of $12,000 at the end of an estimated useful life of 14 years. Compute for the depreciation amount in the third year and the BV at the end of the 5th year of the life by each of these methods. (No need to Solve all years, show your solution) a. The straight line method b. the SYD method c. The 200% declining-balance method.