Complete the item below based on the lecture and handouts. On January 1, our company purchased an airplane for $110,000. It has a residual (salvage) value of 10,000 and a 5-year useful life. The airplane was flown 1,500 hours. What is the amount of depreciation expense during the first year, if the company uses Straight line depreciation [Choose] 15,000 22,000 Double declining balance 44,000 40,000 20,000 Units of Activity (assume a 10,000 [Choose] hr useful life)