On January 1, 2024, Logan Services purchased a used airplane for $44,000,000. Logan Services expects the plane to remain useful for five years (4,000,000 miles) and to have a residual value of $4,000,000. The company expects the plane to be flown 1,200,000 miles during the first year. Read the requirements. Requirement 1a. Compute Logan Services'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. = Straight-line depreciation ( Requirement 1b. Compute Logan Services's first-year depreciation expense on the plane using the units-of-production method. Before calculating the first-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 per unit. Depreciation per unit ( ( Now, select the formula, enter the amo )+ COF Cost Less: Accumulated Depreciation Book Value calculate the company's first-year depreciation expense on the plane using the units-of-production method. = Units-of-production depreciation Requirement 1c. Compute Logan Services's first-year depreciation expense on the plane using the double-declining-balance method. Begin by selecting the formula to calculate the company's first-year depreciation expense on the plane using the double-declining-balance method. Then enter the amounts and calculate the depreciation expense for the first year. (Enter "0" for items with a zero value.) ) x Requirement 2. Show the airplane's book value at the end of the first year for all three methods. Straight-Line Units-of-production = Double-declining- balance depreciation Double-declining-balance Time Remaining: 01:29:38 Next

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