1) An asset for drilling was purchased and placed in service by petroleum production company. Its cost basis $60,000, and it has an estimated market value of $12,000 at the end of an estimated useful life of 14 years. Compute the depreciation amount in the third year and the book value at the end of the fifth year of life using (a) the straight-line depreciation method, (b) the 200% declining balance method, (c) the MACRS GDS system, and (d) the MACRS ADS system