On January 1, 2020, Quick Travel Transportation Company purchased a used aircraft at a cost of $62,000,000 Quick Travel expects the plane to remain useful for five years (7,300,000 miles) and to have a residual value of $4,000,000 Quick Travel expects to fly the plane 875,000 miles the first year, 1,200,000 miles each year during the second, third, and fourth years, and 2,825,000 miles the last year Read the requirements 1. Compute Quick Travel's depreciation for the first two years on the plane using the straight-line method, the units-of-production method, and the double-declining balance method a. Straight-line method Using the straight-line method, depreciation is for 2020 and for 2021 On January 1, 2020, Quick Travel Transportation Company purchased a used aircraft at a cost of $62,000,000 Quick Travel expects the plane to remain useful for five years (7,300,000 miles) and to have a residual value of $4,000,000 Quick Travel expects to fly the plane 875,000 miles the first year, 1,200,000 miles each year during the second, third, and fourth years, and 2,825,000 miles the last year Read the requirements 1. Compute Quick Travel's depreciation for the first two years on the plane using the straight-line method, the units-of-production method, and the double-declining balance method a. Straight-line method Using the straight-line method, depreciation is for 2020 and for 2021