On January 1, 2018, Texas Aeros purchased a used airplane for $55,000,000. Texas Aeros expects the plane to remain useful for four years (6,000,000 miles) and to have a residual value of $7,000,000. The company expects the plane to be flown 1,200,000 miles the first year. Read the requirements. Requirement 1a. Compute Texas Aeros'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-ine method. Then enter the amounts and calculate the depreciation for the first year. Straight-line depreciation Requirements 1. Compute Texas Aeros'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