On January 1,

2024,

Air Asias

purchased a used airplane for

$54,500,000.

Air Asias

expects the plane to remain useful for

five

years

(4,000,000

miles) and to have a residual value of

$6,500,000.

The company expects the plane to be flown

1,100,000

miles during the first year.Read the requirements

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.

Requirement 1a. Compute

Air Asias's

first-year depreciation expense on the plane using the straight-line method.

Begin by selecting the formula to calculate the company's first-year depreciation expense on the plane using the straight-line method. Then enter the amounts and calculate the depreciation for the first year.

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