On January 1, 2018, Northeast Airlines purchased a used airplane for $37,500,000. Northeast Airlines expects the plane to remain useful for four years (4,000,000 miles) and to have a residual value of $5,500,000. The company expects the plane to be flown 1,300,000 miles the first year. Read the requirements. 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. Requirements = Straight-line depreciation 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. 1. Compute Northeast 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. ( = 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. Print Done] = Units-of-production depreciation Requirement 10. Compute Northeast 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