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Question: Computing second-year depreciation and accumulated depreciation At the beginning of 2016, Logan Service purchased a used airplane at a cost of $46,000,000. Logan Service expects the plane to remain useful for eight years (6,000,000 miles) and to have a residual value of $4,000,000. Logan Service expects the plane to be flown 1,500,000 miles the first year and 1,200,000 miles the second year. Requirements

1. Compute second-year (2017) depreciation expense on the plane using the following methods:

a. Straight-line

b. Units-of-production

c. Double-declining-balance

2. Calculate the balance in Accumulated Depreciation at the end of the second year for all three methods.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92648303

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