1. What is the purpose of depreciation? Does the book value of afixed assetcost minus accumulated depreciationcommunicate to auser what the asset is worth? Explain why or why not. Should thefinancial statements reflect the value of fixed assets? Explain whyor why not.2. What are the different methods used to calculate depreciation?How does a company decide which method to use? How does its choiceaffect the financial statements? Should companies standardize themethod of depreciation to enhance comparability? Explain youranswer. <