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S9-4 (similar to) Question Help On January 1, 2018, Northeast USA purchased a used airplane at a cost of $61,000,000. Northeast USA expects the plane to remain useful for eight years (6,000,000 miles) and to have a residual value of $7,000,000. Northeast USA expects the plane to be flown 1,200,000 miles the first year and 1,500,000 miles the second year. Read the requirements Requirement 1a. Compute second-year (2019) depreciation expense on the plane using the straight-line method. Begin by selecting the formula to calculate the company's second-year depreciation expense on the plane using the straight-line method. Then enter the amounts and calculate the depreciation expense for the second year. Cost Residual value ) - Useful life Straight-line depreciation ( 61,000,000 7,000,000 8 6,750,000 Requirement 1b. Compute second-year (2019) depreciation expense on the plane using the units-of-production method. Before calculating the second-year depreciation expense on the plane using the units-of-production method, calculate the depreciation expense per unit. Select the formula, then enter the amounts and calculate the depreciation expense per unit. Cost Residual value ) - Useful life in units = Depreciation per unit ($ 61,000,000 $ 7,000,000 ) 6,000,000 $ 9 Now, select the formula, enter the amounts and calculate the company's second-year depreciation expense on the plane using the units-of-production method. 11 Units-of-production depreciation 11 i Requirements x 1. Compute second-year (2019) depreciation expense on the plane using the following methods: a. Straight-line b. Units-of-production C. Double-declining-balance 2. Calculate the balance in Accumulated Depreciation at the end of the second year for all three methods. Choose from any list or enter any ? 3 Pemaining Print Done Check