On January 1, 2018, Air Canadians purchased a used airplane for $37,000,000. Air Canadians expects the plane to remain useful for five years (4,000,000 miles) and to have a residual value of $5,000,000. The company expects the plane to be flown 1.400.000 miles the first year. Read the requirements. Requirement 1a. Compute Air Canadians'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. Cost Residual value ) Useful life - Straight-line depreciation = S 6,400,000 37,000,000 $ 5,000,000 - 5 Requirement 1b. Compule Air Canadians's first-year depreciation expense on the plane using the units-of-production method. Before calculating the first-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 per unit. Cost Residual value ) + Useful life in units = Depreciation per unit 37,000,000 $ 5,000,000 ) 4,000,000 5 Now, select the formula, enter the amounts, and calculate the company's first-year depreciation expense on the plane using the units-of-production method. Units-of-production depreciation -X Requirements 1. Compute Air Canadians'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 Help me solve this Demodocs example Get more help Final check