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September 30, 2020, LuxAir, an international airline based in Germany, purchased a Jumbo aircraft at a cost of $50,000. LuxAir expects the plane to remain useful for eight years ( 5,750,000 miles) and to have a residual value of $4,000,000. LuxAir will fly the plane 350,000 miles during the remainder 0f 2020.
Problem 1: Compute LuxAir?'s depreciation on the plane for the year ended December? 31, 2020?, using the following? methods:
a. ?Straight-line
b. ?Units-of-production
c. ?Double-declining-balance
Problem 2: Which method would produce the highest net income for 2020?? Which method produces the lowest net? income?
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