On January 1, 2018, Foley Airlines purchased a used airplane for $46,500,000. Foley Airlines expects the plane to remain useful for five years (4,000,000 miles) and to have a residual value of $6,500,000. The company expects the plane to be flown 1,500,000 miles the first year. Read the requirements. Requirement 1a. Compute Foley 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 ( = Requirement 1b. Compute Foley Airlines'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. ( Depreciation per unit ( 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 Requirement 1c. Compute Foley Airlines's first-year depreciation expense on the plane using the double-declining-balance method. > Choose from any list or enter any number in the input fields and then continue to the next question. On January 1, 2018, Foley Airlines purchased a used airplane for $46,500,000. Foley Airlines expects the plane to remain useful for five years (4,000,000 miles) and to have a residual value of $6,500,000. The company expects the plane to be flown 1,500,000 miles the first year. Read the requirements Units-of-production depreciation Requirement 1c. Compute Foley Airlines's first-year depreciation expense on the plane using the double-declining-balance method. Begin by selecting the formula to calculate the company's first-year depreciation expense on the plane using the double-declining-balance method. Then enter the amounts and calculate the depreciation expense for the first year. (Enter "O" for items with a zero value.) Double-declining- balance depreciation ( ( Requirement 2. Show the airplane's book value at the end of the first year for all three methods. Straight-Line Units-of-production Double-declining-balance Cost Less: Accumulated Depreciation Book Value Choose from any list or enter any number in the input fields and then continue to the next