Question $1(20$ Marks$)$IAS $16$ Property, Plant and Equipment requires financial statement preparers todepreciate property, plant and equipment items systematically over the assets usefullife. IAS $16$ goes further to state that the depreciation method used should reflect thepattern in which the asset's economic benefits are consumed by the entity.REQUIRED:Discuss three depreciation methods that can be applied in terms of the InternationalFinancial Reporting Standards. In your discussion, examine when it is appropriate touse each of the methods. Include examples to illustrate how different inventorydepreciation methods may cause a difference in financial results and show anycalculations.