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510-5 Calculating depreciation by three methodsfirst year only At the beginning of the year, JetQuick...

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510-5 Calculating depreciation by three methodsfirst year only At the beginning of the year, JetQuick Airlines purchased a used Boeing jet for $43 million. JetQuick expects the plane to remain useful for five years (4 million kilometres) with a residual value of $7 million. JetQuick expects the plane to be flown for 1.4 million kilometres the first year. Requirements 1 Calculate JetQuick's first-year depreciation on the plane using the following methods: a straight line b units of production c reducing balance (use 2 x the SL rate). 2 Show the plane's carrying amount at the end of the first year under each depreciation method

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