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You purchase a car in 2010 for Rs 1,000,000. Estimated useful life is 10 years. Residual value is set at 10%. Assume straight line depreciation. Each part should be treated individually. (a). Estimate : At end of year 3 you realize the car wont last 10 years, at the end of year 8 you will have to sell it. Assuming Residual Value remains the same, how will you account for this change in year 3? (b). Error : At the end of year 4 you realize you haven't adjusted Residual Value when calculating annual deprecation using straight line method. How will you account for this in year 4? (c). Policy : At the end of year 3 you think that reducing balance method is better than straight line as you were originally planning to use the car for uber but now are using it only personally. How will you account for this in year 3