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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 (4,000,000 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 1a. Compute Advanced Airlines's first-year depreciation expense on the plane using the straight-line method.
Begin by selecting the formula to calculate the company's first-year depreciation expense on the plane using the straight-line method. Then enter the amounts and calculate the depreciation for the first year.
Requirement 1b. Compute Advanced Airlines's first-year depreciation expense on the plane using the units-of-production method.
Before calculating the first-year depreciation expense on the plane using the units-of-production method, calculate the depreciation expense per unit. Select the formula, then enter the amounts and calculate the depreciation per unit.
\table[[-,),=,Depreciation per unit],[-,),=,]]
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