Compute the depreciation amount in the third year

Reference no: EM13213945

An asset for drilling was purchased and placed in service by a petroleum production company. Its cost basis is $60,000, and it has an estimated MV of $12,000 at the end of an estimated useful life of 14 years. Compute the depreciation amount in the third year and the BV at the end of the fifth year of life using the 200% DB method with switchover to SL.

Reference no: EM13213945

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