Part A At the beginning of the year, Seletar AeroMed Airlines, an air-ambulance business, purchased a used airplane for $53,000,000. Seletar AeroMed Airlines expects the plane to remain useful for five years (5,000,000 miles) and to have a residual value of $2,000,000. The company expects the plane to be flown 1,400,000 miles during the first year. Required: Part B 1. 11. Compute Seletar AeroMed Airlines' first-year depreciation expense on the plane using the following methods: a. Straight-line b. Units-of-production c. Reducing-balance, apply 30% (3 marks) Show the airplane's book value at the end of the first year for all three methods (1.5 marks) Red Bricklaying Ltd commenced its business on 1 July 2019. On 5 July 2019, a brick cutting machine was purchased for $13,500. The following costs were incurred: transport charges $1,000, legal costs $3,000 and $1,500 for installation of the machine at the premises. Unfortunately, the machine was damage during installation and cost $1,000 to repair before it could be used. The entity detreciates machinery at 20% using the diminishing balance method of depreciation. On 1 March 2020, major repairs were carried out on the brick-cutting machine at a cost of $3,800. The repairs increased the productive capacity of the machine. NCW Bricklaying Ltd made no change to the depreciation rate or estimated useful life. On 31 December 2020, the machine was eventually sold for $19,500. The financial year for Red Bricklaying ends on 31 December. Required: 1. Calculate the cost of the new bricklaying machine purchased in 1 July 2019. 11. (2 marks) Prepare the journal entries from 1 July 2019 through to the year ending 31 December 2020. Apply rounding to the nearest dollar for depreciation calculations. (8.5 marks)