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On January 1 , 2 0 2 4 , Foley Airline purchased a used airplane at a cost of $ 4 6 , 5 0
On January Foley Airline purchased a used airplane at a cost of $ Foley Airline expects the plane to remain useful for eight years miles and to have a residual value of $ Foley Airline expects the plane to be flown miles the first year and miles the second year.
Read the requirements.
Requirement a Compute secondyear depreciation expense on the plane using the straightline method.
Begin by selecting the formula to calculate the company's secondyear depreciation expense on the plane using the straightline method. Then enter the amounts and calculate the depreciation expense for the second year.
Requirements
Compute secondyear depreciation expense on the plane using the following methods:
a Straightline
b Unitsofproduction
c Doubledecliningbalance
Calculate the balance in Accumulated Depreciation at the end of the second year for all three methods.
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