On January 1, 2018, Northeast Airlines purchased a used airplane for $42,500,000. Northeast Airlines expects the plane to remain useful for four years (6,000,000 miles) and to have a residual value of $6,500,000. The company expects the plane to be flown 1,600,000 miles the first year. Read the requirements 4 Requirement 1a. Compute Northeast 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 ( Cost ( $ 42,500,000 Residual value 6,500,000 Useful life Straight-line depreciation S 9,000,000 Requirement 1b. Compute Northeast 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 Cost ( $ 42,500,000 Residual value 6,500,000 Useful life in units 6,000,000 Depreciation per unit 6 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. Current year usage x Depreciation per unit Units of production depreciation 2)