Question 1: 1.1 Define depreciation and discuss the requirements and properties needed in order for a firm to record an asset as depreciable? (10%] 1.2 A car manufacturing company purchased an asset for welding and put it into service. Its initial cost was 42,000, and it has an estimated Market Value of 8,000 at the end of an estimated useful life of 10 years. Compute the depreciation amount in the fourth year and the Book Value at the end of the sixth year of life by the Straight- Line (SL) method. [15%] 1.3 Based on the assumptions of question 1.2, compute the depreciation amount in the third year and the Book Value at the end of the fifth year of life bythe 150% Declining-Balance (DB) method with switchover to the Straight-Line method (SL). [25%]