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On January 1,2024, Advanced Airlines purchased a used airplane for $48,500,000. Advanced Airlines expects the...

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Accounting

On January 1,2024, Advanced Airlines purchased a used airplane for $48,500,000. Advanced Airlines expects the plane to remain useful for four years miles) and to have a residual value of $4,500,000. The company expects the plane to be flown 1,600,000 miles during the first year.
Requirement 1c. Compute Advanced Airlines's first-year depreciation expense on the plane using the double-declining-balance method.
Begin by selecting the formula to calculate the company's first-year depreciation expense on the plane using the double-declining-balance method. Then enter the amounts and calculate the depreciation expense for the first year. (Enter "0" for items with a zero value.)
Requirement 2. Show the airplane's book value at the end of the first year for all three methods.
\table[[,Straight-Line Units-of-production],[Cost,Less: Accumulated Depreciation]]
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