On January 1, 2024, South Bend Airlines purchased a used airplane for $37,000,000. South Bend Airlines expects the plane to remain useful for four years (5,000,000 miles) and to have a residual value of $7,000,000. The company expects the plane to be flown 1,300,000 miles during the first year. Read the requirements .. 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. Depreciation per unit Useful life Units-of-production depreciation Requirements 1. Compute South Bend 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. Print Done