Listen Answer each of the following independent questions 1. Southeast Airlines purchased an aircraft on January 1, 2015

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Listen Answer Each Of The Following Independent Questions 1 Southeast Airlines Purchased An Aircraft On January 1 2015 1 (34.39 KiB) Viewed 27 times

Listen Answer each of the following independent questions 1. Southeast Airlines purchased an aircraft on January 1, 2015, at a cost of $38,800,000. At time of purchase, the estimated useful life and estimated residual value of the aircraft were 16 years and $2,000,000 respectively. On January 1, 2021 the airline estimated that the remaining useful life of the aircraft to be years and the residual value to be $1.500.000 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 (6 points). 2. Tanner Company purchased equipment on June 1, 2018 for $900,000. It is estimated that the equipment will have a $20,000 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 6,000 units of product are produced in 2018 and 15,500 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 (5 points). 2