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On January 1,2020, QuickAir Transportation Company purchased a used aircraft at a cost of ...

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Accounting

On January 1,2020, QuickAir Transportation Company purchased a used aircraft at a cost of
$64,400,000. QuickAir expects the plane to remain useful for five years miles) and to
have a residual value of $6,400,000. QuickAir expects to fly the plane 925,000 miles the
first year, 1,225,000 miles each year during the second, third, and fourth years, and 2,400,000
miles the last year.
Read the equirements.
Compute QuickAir's depreciation for the first two years on the plane using the straight-line
method, the units-of-production method, and the double-declining balance method.
a. Straight-line method
Using the straight-line method, depreciation
is
for 2020 and
for 2021.
image

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