On January 1, 2020, QuickAir Transportation Company purchased a used aircraft at a cost of $50,700,000. QuickAir expects the plane to remain useful for five years (6,800,000 miles) and to have a residual value of $4,700,000. QuickAir expects to fly the plane 900,000 miles the first year, 1,650,000 miles each year during the second, third, and fourth years, and 950,000 miles the last year. Read the requirements 1. Compute QuickAir'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. b. Units-of-production method (Round the depreciation per unit of output to two decimal places to compute your final answers.) Using the units-of-production method, depreciation is for 2020 and for 2021. c. Double-declining balance method Using the double-declining-balance method, depreciation is for 2020 and for 2021. 2. Show the airplane's book value at the end of the first year under each method. Book Value: Straight-Line Units-of- Production Double-Declining- Balance Less: Book Value