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On January 1, 2002, Red Airways bought a plane costing $1,000,000. The plane has an estimated salvage value of $100,000 and an estimated useful life

On January 1, 2002, Red Airways bought a plane costing $1,000,000. The plane has an estimated salvage value of $100,000 and an estimated useful life of 30 years. Red airways uses the straight-line method of depreciation. The plane was estimated to have a fair market value of $950,000 at the end of 2002. how much depreciation expense should red airlines record in 2002 on this plane on December 31, 2002?

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