On January $1,2020,$ Northeast USA Transportation Company purchased a used aircraft at a cost of $$52,300,000.$ Northeast USA expects the plane to remain useful for five years $(7,000,000$ miles$)$ have a residual value of $$4,300,000.$ Northeast USA expects to fly the plane $725,000$ miles the first year, $1,275,000$ miles each year during the second, third, and fourth years, and $2,450,000$ miles th year.

Read the requirements.

Compute Northeast USA's depreciation for the first two years on the plane using the straight$-$line method, the units$-$of$-$production method, and the double$-$declining balance method.

a$.$ Straight$-$line method

Using the straight$-$line method, depreciation is for $2020$ and for $2021.$

Requirements

Compute Northeast USA's depreciation for the first two years on the plane using the following methods:

a$.$ Straight$-$line method

b$.$ Units$-$of$-$production method $($round depreciation per mile to the closest cent$)$

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

Show the airplane's book value at the end of the first year under each depreciation method.