On January 1,2014,High Flying Airways acquired and placed in service a plane that cost $8,000,000.The plane's service life and residual value were estimated at 5 years and $1,500,000,respectively.Calculate depreciation for 2014-2018,assuming the following alternative depreciation methods are used:
(a)Straight-line.
(b)Double-declining-balance.

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The Answer of On January 1,2014,High Flying Airways acquired and placed in service a plane that cost $8,000,000.The plane's service life and residual value were estimated at 5 years and $1,500,000,respectively.Calculate depreciation for 2014-2018,assuming the following alternative depreciation methods are used:
(a)Straight-line.
(b)Double-declining-balance.

On January 1,2014,High Flying Airways Acquired and Placed in Service