Fly High Pilot Training Academy owns several planes used for instruction to new pilots. It follows accrual basis accounting. When it acquires a new plane it will record it as a(n) O expense in the year it is purchased. asset and estimate its contribution to future operations on an annual basis. credit to a liability account that reflects the fact that the plane will require maintenance expenses in the future. increase in stockholders' equity account since the plane will earn revenues in future years. Save for later