At the beginning of 2016, Questor Airline purchased a used airplane at a cost of $37,500,000. Questor Airline expects the plane to remain useful for eight years (4,000,000 miles) and to have a residual value of $5,500,000. Questor Airline expects the plane to be flown 1,300,000 miles the first year and 1,500,000 miles the second year Requirements 1. Compute second-year (2017) depreciation expense on the plane using the following methods: a. Straight-line b. Units-of-production c. Double-declining-balance the end of the second year for all three methods 2. Calculate the balance in Accumulated Depreciation Begin by selecting the formula to calculate the company's second-year depreciation expense on the plane using the double-declining-balance method. Then enter the amounts and calculate the depreciation expense for the second year. Double-declining- Cost Accumulated depreciation 2 x (1/ Useful life) balance depreciation 2 x (1/8) 37,500,000 9,375,000 7,031,250 Requirement 2. Calculate the balance in Accumulated Depreciation at the end of the second year for all three methods. Units-of-production Double-declining-balance Straight-Line Depreciation Expense - 2016 Depreciation Expense 2017 Accumulated Depreciation ending balance