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. Read the requirements. Requirement 1a. Compute second-year (2019) depreciation expense on the plane using the straight-line method. Begin by selecting the formula to calculate the company's second-year depreciation expense on the plane using the straight-line method. Then enter the amounts and calculate the depreciation expense for the second year. Cost Residual value )/ Useful life Straight-line depreciation ( $ 60,500,000 $ 5,500,000 )/ 8 = $ 6,875,000 Requirement 1b. Compute second-year (2019) depreciation expense on the plane using the units-of-production method. Before calculating the second-year depreciation expense on the plane using the units-of-production method, calculate the depreciation expense per unit. Select the formula, then enter the amounts and calculate the depreciation expense per unit. Cost Residual value 17 Useful life in units Depreciation per unit Enter any number in the edit fields and then click Check