please solve this written question thank you! Answer each of the following independent questions....
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please solve this written question thank you!
Answer each of the following independent questions. 1. Southeast Airlines purchased an aircraft on January 1, 2014, at a cost of $36,000,000. At time of purchase, the estimated useful life and estimated residual value of the aircraft were 15 years and $3,000,000 respectively. On January 1, 2021 the airline estimated that the remaining useful life of the aircraft to be 10 years and the residual value to be $1,600,000. The Company uses the straight- line method. No depreciation expense had been recorded in 2021. Determine the amount of Depreciation Expense for 2021. Clearly show calculations for numbers that are not given (4 points) 2. Tanner Company purchased equipment on April 1, 2018 for $600,000. It is estimated that the equipment will have a $50,000 residual value at the end of its 8-year useful life. It is also estimated that the equipment will produce 110,000 units over its 8-year life. Assuming 10,000 units of product are produced in 2018 and 13,600 units are produced in 2019, what is the net carrying (book) value of the equipment at December 31, 2019 according to the units-of production depreciation method? Clearly show calculations for numbers that are not given (4 points)
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