On January 1, 2024, Foley Airlines purchased a used airplane for $30,500,000. Foley Airlines expects the plane to remain useful for five years (4,000,000 miles) and to have a residual value of $6,500,000. The company expects the plane to be flown 1,200,000 miles during the first year. Read the requirements. Requirement 1a. Compute Foley 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 1. Compute Foley 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