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The plane is scheduled to arrive at 7 PM.
Literal
Airplane [topic-は] afternoon-seven-o'clock-arrival [possessive-の] schedule [copula-だ].
A straightforward scheduling statement. 着 (ちゃく) is a suffix meaning 'arriving at,' commonly used in transportation contexts to specify arrival times: 8時着 = 'arriving at 8.' The sentence follows the pattern [noun]は[status]の予定だ ('X is scheduled as Y').