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Please answer all sections! Thanks! You are the CEO of an engineering business that purchased a Gulfstream G550 executive jet for $61.5 million. Assume that

Please answer all sections! Thanks! image text in transcribed
You are the CEO of an engineering business that purchased a Gulfstream G550 executive jet for $61.5 million. Assume that your company will keep this jet for 10 years and sell it at an expected salvage value of $20 million. a) Based on the Table 11-2 for the MACRS GDS Property Classes, what is the property class for this asset? b) At the time that the aircraft is sold, which of the following situations will apply? c) At the end of the 5th year, what is the book value of this aircraft based on MACRS depreciation with half-year correction (million dollars)? Give answer to two decimal places. d) At the end of the 5th year, what is the value of this aircraft taking into account the salvage value and assuming that it would operate for a book life of 10 years, based on straight-line depreciation (million dollars)? Give answer to two decimal places. e) At the end of the 5th year, what is the value of this aircraft taking into account the salvage value and assuming that it would operate for a book life of 10 years, based on Sum of Years' Digits depreciation (million dollars)? Give answer to two decimal places

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