On March 31,2010, Orbit Airways purchased a used Boeing aircraft at a cost of $45 million. Orbit
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On March 31,2010, Orbit Airways purchased a used Boeing aircraft at a cost of $45 million. Orbit Airways expects to fly the plane for five years and to have a residual value of $5 million. Compute Orbit Airways’ depreciation on the plane for the year ended December 31, 2010, using the straight-line method.
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