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At the beginning of 2016, Palair purchased an airplane 54 at a cost of $4,600,000....

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Accounting

At the beginning of 2016, Palair purchased an airplane 54 at a cost of $4,600,000. Palair Service expects the plane to remain useful for eight years (600,000 miles) and to have a residual value of $400,000. Palair Service expects the plane to be flown jhis 150,000 miles the first year and 120,000 miles the second year.
Required:
Compute second-year (2017) depreciation expense on the plane using the following methods:
a. Straight-line
b. Units-of-production
c. Double-declining-balance
Calculate the balance in Accumulated Depreciation at the end of the second year for all three methods.
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