On January 1, 2024, Foley Airlines purchased a used airplane for $32,000,000. Foley Airlines expects the plane to remain useful for five years (4,000,000 miles) and to have a residual value of $4,000,000. The company expects the plane to be flown 1,500,000 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. = Straight-line depreciation ( = Requirement 1b. Compute Foley Airlines's first-year depreciation expense on the plane using the units-of-production method. Before calculating the first-year depreciation expense on the plane using the units-of-production method, calculate the depreciation expense per unit. Select the formula, then enter the amounts and calculate the depreciation per unit. ( Cost Residual value Useful life in units Depreciation per unit ( Now, select the formula, enter the amounts, and calculate the company's first-year depreciation expense on the plane using the units-of-production method Units-of-production depreciation Requirement 1c. Compute Foley Airlines's first-year depreciation expense on the plane using the double-declining-balance method. Begin by selecting the formula to calculate the company's first-year depreciation expense on the plane using the double-declining-balance method. Then enter the amounts and calculate the depreciation expense for the first year. (Enter "0" for items with a zero value.) begin by selecting the formula to calculate the company s Tirst-year depreciation expense on the plane using the double-declining balance method. Then enter the amounts and calculate the depreciation expense for the tirst year. (Enter v for items with a ze value.) Double-declining- balance depreciation Requirement 2. Show the airplane's book value at the end of the first year for all three methods. Straight-Line Units-of-production Double-declining-balance Cost Less: Accumulated Depreciation Book Value Choose from any list or enter any number in the input fields and then continue to the next