On January 1, 2018, Advanced Airlines purchased a used airplane for $52,000,000. Advanced Airlines expects the plane to remain useful for four years (5,000,000 miles) and to have a residual value of $7,000,000. The company expects the plane to be flown 1,300,000 miles the first year Read the requirements Requirement 1a. Compute Advanced Airlines's first-year depreciation expense on the plane using the straight-line method. Begin by selecting the formula to calculate the company's first-year depreciation expense on the plane using the straight-line method. Then enter the amounts and calculate the depreciation for the first year. Straight-line depreciation Requirements 1. Compute Advanced Airlines's first-year depreciation expense on the plane using the following methods: a. Straight-line b. Units-of-production c. Double-declining-balance 2. Show the airplane's book value at the end of the first year for all three methods. Print Done