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A petroleum production company purchased an asset for drilling and placed it in service. Its cost basis is $60,000, asset an estimated useful year MV

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A petroleum production company purchased an asset for drilling and placed it in service. Its cost basis is $60,000, asset an estimated useful year MV of $12,000 at the end of an estimated useful life of 14 years. Determine the depreciation amount in the 3^rd year and the BV at the end of fifth year of life by The SL method; The GDS method

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