c EC9-4 (p 511 )-Calculation of depreciation for the second year (14 points) At the beginning of 2011, Texas Aero purchased a used aircraft for $ 59,000,000. Tex expects the aircraft to remain useful for 5 years or 6,000,000 million miles and have a residual value of $ 5,000,000. The company expects the plane to fly 1,400,000 million miles in the first year and 1,300,000 million miles in the second year Is required Data item Amount Cost of the plane $ 59,000,000 Less estimated residual value 5,000,000 Depreciable cost $54,000,000 Estimated useful life | Years 5 Units 6,000,000 million miles 1 Calculate the depreciation of the second year for Texas on the airplane using the following methods Straight line Depreciation for the year Date Cost of asset Depreciation rate Depreciable cost Depreciation expense Accumulated depreciation Book value Year 1 59,000,000 20 Year 2 59,000,000 20