On January 1,2018 , Texas Aeros purchased a used airplane for $59,000,000. Texas Aeros expects the plane to remain useful for five years (5,000,000 miles) and to have a residual value of $4,000,000. Th company expects the plane to be flown 1,100,000 miles the first year. Read the requirements. Requirement 1c. Compute Texas Aeros'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.)