At the beginning of the year, Freight Airlines purchased a used Boeing jet for $41.5 million. Freight expects the plane to remain useful for four years (5 million kilometres) with a residual value of $6.5 million. Freight expects the plane to be flown 1.4 million kilometres the first year. Requirements 1. Calculate Freight's first-year depreciation on the plane using the following methods: a. straight-line b. units-of-production c. reducing-balance (use 2 x the SL rate). 2. Show the plane's carrying amount at the end of the first year under each depreciation method. Requirement 1. Calculate Freight's first-year depreciation on the plane using the following methods: (Enter amounts in millions.) a. Using the straight-line method, depreciation is $ million. b. Using the units-of-production method, depreciation is $ million. c. Using the reducing-balance method, depreciation is $ million. Requirement 2. Show the plane's carrying amount at the end of the first year under each depreciation method. (Enter amounts in millions.) Depreciation method: Carrying amount Straight-line Units-of-production Reducing-balance