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On January 1, 2024, Texas Aero purchased a used airplane at a cost of $45,000,000. Texas Aero expects the plane to remain useful for eight years (5,000,000 miles) and to have a residual value of $5,000,000. Texas Aero expects the plane to be flown 1,400,000 miles the first year and 1,500,000 miles the second year.
Problem 1: Compute second year (2025) depreciation expense on the plane using the following methods:
a. Straight-line
b. Units-of-production
c. Double-declining-balance
Problem 2: Calculate the balance in Accumulated depreciation at the end of the second year for all three methods.
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