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On January $1,2024,$ Northeast USA purchased a used airplane at a cost of $$53,000,000.$ Northeast USA expects the plane to remain useful for eight years $(4,000,000$ miles$)$ and to have a residual value of $$5,000,000.$ Northeast USA expects the plane to be flown $1,300,000$ miles the first year and $1,100,000$ miles the second year.Read the requirements.Requirement $1$a$.$ Compute second$-$year $(2025)$ 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.$=$ Straight$-$line depreciationRequirement $1$b$.$ Compute second$-$year $(2025)$ 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.Depreciation per unitNow, select the formula, enter the amounts and calculate the company's second$-$year depreciation expense on the plane using the units$-$of$-$production methodUnits$-$of$-$production depreciationRequirement $1$c$.$ Compute second$-$year $(2025)$ 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$-$balance depreciationRequirementsRequirement $2.$ Calculate the balance in Accumulated Depreciation at the end of the second year for all three methods.Straight$-$LineUnits$-$of$-$productionDouble$-$declining$-$balanceDepreciation Expense $-2024$Depreciation Expense $-2025$Accumulated Depreciation ending balanceCompute second$-$year $(2025)$ depreciation expense on the plane using the following methodsStraight$-$lineb. Units$-$of$-$productionc. Double$-$declining$-$balance$2.$ Calculate the balance in Accumulated Depreciation at the end of the second year for all three methods.Print

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