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Problem 1: Mustafa, Inc. uses IFRS to prepare its financial statements. On January 1, Year 3, Mustafa acquired an aircraft for $150 million, which consisted of three main components each with its own assigned cost and useful life: the frame $80 million, the engine $50 million, and the interior components $20 million. Mustafa estimates the aircraft to have a 20-year useful life and estimates the three main components to have various useful lives as well: the frame 20 years, the engine 16 years, and the interior components 10 years. Mustafa uses the straight-line method to depreciate its assets. How much depreciation expense should Mustafa record for Year 3?
A.$11,250,000B.$7,500,000C.$4,000,000D.$9,125,000
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