At the beginning of 2016, Martin Mason Inc. purchased a used airplane for $29,000,000. The company expects the plane to remain useful for ten years and to have a residual value of $6, 200,000. The company expects the plane to be flown 1, 200.000 miles during the first year. Use the straight-line depreciation method. Prepare the journal entry for December 31 to record the first year of depreciation. Date Accounts Debit Credit