K On January 1, 2024, Northeast USA purchased a used airplane at a cost of $40,500,000 Northeast USA expects the plane to remain useful for eight years (4,000,000 miles) and to have a residual value of $4,500,000. Northeast USA expects the plane to be flown 1,600,000 miles the first year and 1,100,000 miles the second year. Read the requirement.

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