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Assume that at the beginning of 2017 Porter Airlines purchased a Bombardier Q400 aircraft at a cost of $25,000000 Porter expects the plane to remain useful for five years

Assume that at the beginning of 2017, Porter Airlines purchased a Bombardier Q400 aircraft at a cost of $25,000,000. Porter expects the plane to remain useful for five years (5,000,000 km) and to have a residual value of $5,000,000. Porter expects the plane to be flown 750,000 km the first year and 1,250,000 km each year during years 2 through 4, and 500,000 km the last year. 1. Compute Porter s first-year depreciation on the plane using the following methods: a. Straight-line b. Units-of-production c. Double-diminishing-balance 2. Show the airplane s carrying amount at the end of the first year under each depreciation method?

May 21 2020 View more View Less

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