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S9-3 Computing first-year depreciation and book value On January 1, 2018, Air Canadians purchased a...

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S9-3 Computing first-year depreciation and book value On January 1, 2018, Air Canadians purchased a used airplane for $37,000,000 Canadians expects the plane to remain useful for five years (4,000,000 miles) a to have a residual value of $5,000,000. The company expects the plane to be f 1,400,000 miles during the first year. Requirements 1. Compute Air Canadians's first year depreciation expense on the plane using the following methods: a. Straight-line b. Units-of-production c. Double-declining-balance 2. Show the airplane's book value at the end of the first year for all three methods

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