S9-4 (similar to) Question Help o On January 1, 2018, Northeast USA purchased a used airplane at a cost of $61,000,000. Northeast USA expects the plane to remain useful for eight years (6,000,000 miles) and to have a residual value of $7,000,000. Northeast USA expects the plane to be flown 1,200,000 miles the first year and 1,500,000 miles the second year. Read the requirements. Requirement 1a. Compute second-year (2019) depreciation expense on the plane using the straight-line method. Begin by selecting the formula to calculate the company's second-year depreciation expense on the plane using the straight-line method. Then enter the amounts and calculate the depreciation expense for the second year. Cost Residual value Useful life = Straight-line depreciation 61,000,000 7,000,000 8 6,750,000 Requirement 1b. Compute second-year (2019) depreciation expense on the plane using the units-of-production method. Before calculating the second-year depreciation expense on the plane using the units-of-production method, calculate the depreciation expense per unit. Select the formula, then enter the amounts and calculate the depreciation expense per unit. Cost Residual value ) Useful life in units = Depreciation per unit 9 61,000,000 7,000,000 6,000,000 Now, select the formula, enter the amounts and calculate the company's second-year depreciation expense on the plane using the units-of-production method. Depreciation per unit Current year usage Units-of-production depreciation 9 1,500,000 13,500,000 Requirement 1c. Compute second-year (2019) depreciation expense on the plane using the double-declining-balance method. Begin by selecting the formula to calculate the company's second-year depreciation expense on the plane using the double-declining-balance method. Then enter the amounts and calculate the depreciation expense for the second year. Double-declining ( Cost Accumulated depreciation 2 *(1 = Useful life) = balance depreciation Requirements ($ 61,000,000 1. Compute second-year (2019) depreciation expense on the plane using the following methods: a. Straight-line b. Units-of-production Double-declining-balance 2. Calculate the balance in Accumulated Depreciation at the end of the second year for all three methods c. Choose from any list or enter any number in the input fields and then click Check Answer. ? Print Done 1 pana Clear All Check Answer remaining