At the beginning of the year, Questor Airlines purchased a used airplane for $$79,000,000.$ Questor Airlines expects the plane to remain useful for five years miles$)$ and to have a residual value of $$7,000,000.$ The company expects the plane to be flown $1,400,000$ miles the first year.

Read the requirements.

Requirement $1$a$.$ Compute Questor Airlines's first$-$year depreciation expense on the plane using the straight$-$line method.

Begin by selecting the formula to calculate the company's first$-$year depreciation expense on the plane using the straight$-$line method. Then enter the amounts and calculate the depreciation for the first year.

Requirements

Compute Questor Airlines's first$-$year depreciation expense on the plane using the following methods:

a$.$ Straight$-$line

b$.$ Units$-$of$-$production

c$.$ Double$-$declining$-$balance

Show the airplane's book value at the end of the first year for all three methods.