NEED HELP WITH PYTHON. PLEASE PASTE UR INDENTED CODE SO I won't HAVE TO INDENT IT LATER. AND PLEASE SHOW THE PROCESS OF UR WORK. The table provides a detailed breakdown of the DDB (Double Declining Balance) value for a specific asset over the years 2016 to 2020. It illustrates the depreciation process using the DDB method, where the depreciation amount is calculated as a fixed percentage of the asset's remaining book value at the beginning of each year.### DDB Value Breakdown Table| Year | Value at Beg of yr. | Amount Deprec During Year | Total Depreciation To end of Year ||------|---------------------|---------------------------|-----------------------------------|| 2016 | 2,000.00 | 800.00 | 800.00 || | | 2/5*2000 | || 2017 | 1,200.00 | 480.00 | 1280.00 || | 2000-800=1200 | 2/5*1200 | 800+480=1280 || 2018 | 720.00 | 288.00 | 1568.00 || | 2000-1200=720 | 2/5*720 | 800+480+288 || 2019 | 432.00 | 172.80 | 1740.80 || | 2000-1200-480-288=432| 2/5*432 | 800+480+288+172.80 || 2020 | 259.20 | 259.20 | 2000.00 || | 2000-1200-480-288-172.80=259.20 | | 800+580+288+172.80+259.20 |### Explanation:- **Year**: Each year from 2016 to 2020 for which depreciation is calculated.- **Value at Beginning of Year**: The value of the asset at the start of each year. This value decreases as depreciation is accounted for at the end of each year.- **Amount Deprec During Year**: The depreciation amount calculated using the DDB method for each year. This is determined by taking 2/5 (or 40%) of the asset's beginning value for the year in this example.- **Total Depreciation **Depreciation Methods: Straight-Line and Double-Declining-Balance**For tax purposes, an item may be depreciated over a period of several years. Two common methods of depreciation are:1. **Straight-Line Method**: Each year, the item depreciates by $ \frac{1}{n} $th of its original value.2. **Double-Declining-Balance (DDB) Method**: Each year, the item depreciates by $ \frac{2}{n} $ths of its value at the beginning of that year. In the final year, it is depreciated by its value at the beginning of the year.**Task Overview:**- Request a description of the item, the year of purchase, the cost, the estimated life (in years), and the depreciation method.- Display a year-by-year description of the depreciation in a table.### Output Examples#### Example 1: Straight-Line Depreciation- **Item**: Computer- **Year of Purchase**: 2016- **Cost**: $2,000.00- **Estimated Life**: 5 years- **Method of Depreciation**: Straight-LineTable:| Year | Value at Beg. of Year ($) | Amount Depreciated During Year ($) | Total Depreciation to End of Year ($) ||------|---------------------------|-----------------------------------|--------------------------------------|| 2016 | 2,000.00 | 400.00 | 400.00 || 2017 | 1,600.00 | 400.00 | 800.00 || 2018 | 1,200.00 | 400.00 | 1,200.00 || 2019 | 800.00 | 400.00 | 1,600.00 || 2020 | 400.00 | 400.00 | 2,000.00 |#### Example 2: Double-Declining-Balance Depreciation- **Item**: Computer- **Year of Purchase**: 2016- **Cost**: $2,000.00- **Estimated Life**: 5 years- **Method of Depreciation**: Double-Declining BalanceTable:| Year | Value at

item = input("Enter name of the item purchased: ")year = int(input("Enter year purchased: "))cost =…

For tax purpose an item may be depreciated over a period of several years. With the straight-line method of depreciation, each year the item depreciates by (1/n)th of its original value. With the double-declining-balance method of depreciation, each year the item depreciates by (2/n)ths of its value at the beginning of that year. (In the final year it is depreciated by its value at the beginning of the year). Write a program that perform the following tasks: a) Request a description of the item, the year of purchase, the cost of the item, the number of years to be depreciated (estimated life), and the method of depreciation. b) Display a year-by-year description of the depreciation in a table setting. See Output Examples below: Output Examples Enter name of item purchased: computer Enter year purchased: 2016 Enter cost of item: 2000 Enter estimated life of item (in years): 5 Enter method of depreciation (SL or DDB): SL Description: computer Year of purchase: 2016 Cost: $2,000.00 Estimated life: 5 years Method of depreciation : straight-line 2016 2017 2018 2019 2020 Value at Beg of Yr. 2,000.00 1,600.00 1,200.00 800.00 400.00 Amount Deprec During Ÿear 400.00 400.00 400.00 400.00 400.00 Total Depreciation to End of Year 400.00 800.00 1,200.00 1,600.00 2,000.00 Enter name of item purchased: computer Enter year purchased: 2016 Enter cost of item: 2000 Enter estimated life of item (in years): 5 Enter method of depreciation (SL or DDB): ddb Description: computer Year of purchase: 2016 Cost: $2,000.00 Estimated life: 5 years Method of depreciation: double-declining balance 2016 2017 2018 2019 2020 Value at Beg of Yr. 2,000.00 1,200.00 720.00 432.00 259.20 Amount Deprec During Ÿear 800.00 480.00 288.00 172.80 259.20 Total Depreciation to End of Year 800.00 1,280.00 1,568.00 1,740.80 2,000.00

7th Edition

ISBN:9780078022159

Author:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan

Publisher:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan

Chapter1: Introduction

Section: Chapter Questions

Problem 1PE