International Jets Co. purchased a new jet on January 1, Year 1 for $10,000,000. International Jets estimates that the new jet will have a useful life of 900,000 miles and a salvage value of $100,000. During Year 1, the jet flew 80,000 miles. What is the amount of depreciation expense for Year 1 under the units-of-production method? Do not round intermediate calculations.

$100,000

$88,880

$990,000

$880,000