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Compute the depreciation and book value at december

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Reference no: EM132558170

South Airlines purchased a 747 aircraft on January 1, 2017, at a cost of $35,000,000. The estimated useful life of the aircraft is 20 years, with an estimated salvage value of $5,000,000. On January 1, 2020 the airline revises the total estimated useful life to 15 years with a revised salvage value of $3,500,000.

Instructions

Question 1: Compute the depreciation and book value at December 31, 2019 using the straight-line method and the double-declining-balance method.

Question 2: Assuming the straight-line method is used, compute the depreciation expense for the year ended December 31, 2020.

Reference no: EM132558170

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