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Compute the Foley Airlines first-year depreciation expense

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Question - On January 1, 2024, Foley Airlines purchased a used airplane for $37,500,000. Foley Airlines expects the plane to remain useful for five years (4,000,000 miles) and to ha $5,500,000. The company expects the plane to be flown 1,200,000 miles during the first year.

Required - Compute the Foley Airlines first-year depreciation expense on the plane using the straight-line method.

Reference no: EM133102195

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