Cost 48,000,000 Part 7 of 8 On January 1, 2024, Logan Services purchased a used airplane for $48,000,000. Logan Services

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Cost 48 000 000 Part 7 Of 8 On January 1 2024 Logan Services Purchased A Used Airplane For 48 000 000 Logan Services 1 (24.51 KiB) Viewed 10 times

Cost 48,000,000 Part 7 of 8 On January 1, 2024, Logan Services purchased a used airplane for $48,000,000. Logan Services expects the plane to remain useful for five years (4,000,000 mile and to have a residual value of $4,000,000. The company expects the plane to be flown 1,300,000 miles during the first year Read the requirements. Accumulated depreciation Requirement 1c. Compute Logan Services's first-year depreciation expense on the plane using the double-declining-balance method. Begin by selecting the formula to calculate the company's first-year depreciation expense on the plane using the double-declining-balance method. Then enter the amounts and calculate the depreciation expense for the first year. (Enter "0" for items with a zero value) ► 12000000) points Points: 5.43 of 10 2×(1-Useful de) 2×(1-5) Save Double-declining balance depreciation 9000000