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On January 1 , 2 0 2 4 , Air Canadians purchased a used airplane for $ 3 7 , 0 0 0 , 0

On January 1,2024, Air Canadians purchased a used airplane for $37,000,000. Air Canadians expects the plane to remain useful for five years (4,000,000miles) and to have a residual value of $5,000,000. The company expects the plane to be flown 1,400,000 miles during the first year.
Requirements
Compute Air Canadians' first-year depreciation expense on the plane using the following methods:
a. Straight-line
b. Units-of-production
c. Double-declining-balance
Show the airplane's book value at the end of the first year for all three methods.
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