On January 1, 2020, Fast Delivery Transportation Company purchased a used aircraft at a cost of $60,500,000. Fast Delivery expects the plane to remain useful for five years (7,000,000 miles) and to have a residual value of $4,500,000. Fast Delivery expects to fly the plane 900,000 miles the first year, 1,200,000 miles each year during the second, third, and fourth years, and 2,500,000 miles the last year. Read the requirements Requirements 1. Compute Fast Delivery's depreciation for the balance method. a. Straight-line method Using the straight-line method, depreciation is 1. Compute Fast Delivery's depreciation for the first two years on the plane using the following methods: a. Straight-line method b. Units-of-production method (round depreciation per mile to the closest cont) c. Double-declining-balance method 2. Show the airplane's book value at the end of the first year under each depreciation method. ple-declining