Identify first the given. Next identify what is being ask in the problem.Third show me the Formula first before you plug-in the given into it ,i want to study and learn from your solution ITEM1: 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 accumulated depreciation in the third year and the BV at the end of 5th year of life by each of these methods at the rate of 9%: 1a.The SF Method 1b.The DB Method