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i need amortization expense for second year On January 1, 2020, Foley Air purchased a used Bombardier aircraft at a cost of $75,000,000. Foley expects
i need amortization expense for second year
On January 1, 2020, Foley Air purchased a used Bombardier aircraft at a cost of $75,000,000. Foley expects the plane to remain useful for four years (4,000,000 miles) and to have a residual value of $4,750,000. Foley expects the plane to be flown 800,000 miles the first year and 525,000 miles the second year. (Note: "Miles" is the unit of measure used in the airline industry) Compute second-year amortization on the plane using the following methods a. Straight line b. UOP c. DDB Calculate the second-year amortization: a. Using the straightline method, amortization is $(Round your answer to the nearest whole dollar) b. Using the units-of-production method, amortization is $(Do not round Intermediary calculations. Only round the amount you input in the cell to the nearest dollar.) c. Using the double-declining-balance method, amortization is s (Do not round Intermediary calculations. Only round the amount you input in the cell to the nearest dollar.) Step by Step Solution
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