On January 1, 2024, Foley Airlines purchased a used airplane for $61,000,000. Foley Airlines expects the plane to remain useful for four years (5,000,000 miles) and to have a residual value of $6,000,000. 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. 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 tho amounts and calculate the depreciation per unit Now, select the formula, enter the amounts, and calculate the company's first-year depreciation expense on the plane usina the units-of-production method. Requirement 1c. Compute Foloy Airlines's first.year depreciation expense on the plane using the double-decining-balance method Begin by selecting the formula to cakulate the company's frst year depreciation expense on the plane using the double decining balance method. Then enter the amounts and calcuhte the depreciafon expense for the frst year (Enter "or for items with a zero value.) Straight-Line Units-of-production Double-declining-balance Cost Less. Accumulated Depreciaton Book Value