Methods and systems described herein are directed to determining properties of a subterranean formation using an acoustic wave-equation with a novel formulation in terms of a velocity model and a reflectivity model of the subterranean formation. The acoustic wave equation may be used with full-waveform inversion to build high-resolution velocity and reflectivity models of a subterranean formation. The acoustic wave equation may be also used with least-squares reverse time migration in the image and space domains, to build a reflectivity model of the subterranean formation with enhanced resolution and amplitude fidelity. The velocity and reflectivity models of materials that form the subterranean formation reveal the structure and lithology of features of the subterranean formation and may reveal the presence of oil and natural gas reservoirs.