Assume that at the beginning of 2015 Logan Service purchased a used Jumbo 747 aircraft at a cost of $50,000,000. Logan Service expects the plane to remain useful for five years (7,300,000 miles) and to have a residual value of $4,000,000. Logan Service expects to fly the plane 700,000 miles the first year, 1,400,000 miles each year during the second, third, and fourth years, and 2,400,000 miles the last year Compute Logan Service's depreciation for the first two years on the plane using the following methods: a. Straight-line method b. Units-of-production method (round depreciation per mile to the closest cent) c. Double-declining-balance method 1. Show the airplane's book value at the end of the first year under each depreciation method. 2. 1. Compute Logan Service's depreciation for the first two years on the plane using the straight-line method, the units-of-production method, and the double-declining balance method a. Straight-line method for 2015 and $ for 2016. Using the straight-line method, depreciation is $ b. Units-of-production method (Round the depreciation per unit of output to two decimal places to compute your final answers.) for 2015 and $ Using the units-of-production method, depreciation is $ for 2016. c. Double-declining balance method for 2016. for 2015 and $ Using the double-declining-balance method, depreciation is $ 2. Show the airplane's book value at the end of the first year under each method. Using the units-of-production method, depreciation is $ for 2015 and $ for 2016. c. Double-declining balance method for 2015 and $ for 2016 Using the double-declining-balance method, depreciation is $ 2. Show the airplane's book value at the end of the first year under each method. Double-Declining Units-of Book Value: Straight-Line Production Balance Less: Book Value