LO 3 S7-13. (Learning Objective 3: Compute partial year depreciation, and select the best depreciation method) Assume that on September 30, 2020, EuroAir, an international airline based in Germany, purchased a Jumbo aircraft at a cost of 45,000,000 ( is the symbol for the euro). EuroAir expects the plane to remain useful for four years (4,000,000 miles) and to have a residual value of 6,000,000. EuroAir will fly the plane 350,000 miles during the remainder of 2020. Compute EuroAir's depreciation on the plane for the year ended December 31, 2020, using the following methods: a. Straight-line b. Units-of-production c. Double-declining-balance Which method would produce the highest net income for 2020? Which method produces the lowest net income? LO 1 E7-24A. (Learning Objective 1: Measure the cost of plant assets) Murphy Self Storage purchased land, paying $160,000 cash as a down payment and signing a $185,000 note payable for the balance. Murphy also had to pay delinquent property tax of $2,000, title insurance costing $6,000, and $11,000 to level the land and remove an unwanted building. The company paid $58,000 to add soil for the foundation and then constructed an office building at a cost of $700,000. It also paid $52,000 for a fence around the property, $11,000 for the company sign near the property entrance, and $3,000 for lighting of the grounds. What is the capitalized cost of each of Murphy's land, land improvements, and building?