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Computing first-year depreciation and book value Learning Objective 2 On January 1, 2018, Advanced Airline purchased a used airplane at a cost of $60,500,000. Advanced Airline expects the plane to remain useful for eight years (5,000,000 miles) and to have a residual value of $5,500,000. Advanced Airline expects the plane to be flown 1,100,000 miles the first year and 1,200,000 miles the second year. Requirements 1. Compute first-year (2019) depreciation expense on the plane using the following methods: a. Straight-line b. Units-of-production 2. Show the airplane's book value at the end of the first year for the two methods