On January 1,2020, ShipEx Transportation Company purchased a used arcraft at a cost of $50,700,000, Shipex expects the plane to remain useful for five years (6,000,000 miles) and to have residual value of \$4,700,000. Shipex expects to fly the plane 725,000 miles the first yeac, 1,225,000 mles each year during the second, third, and fourth years, and 1,600 , 000 miles the last year Read the cequitements 1. Compue Shiplex's depreciation for the first two years on the plane using the straigh-line method, the units-of-production method, and the double-declining balance method. *. Straight ine method Ueing the stralgtet line methed, depreciation is for 2020 and for 2021. b. Unts-of-production method diound the depreciation per unit of eutput to two dechmal placas to cospoute your final answers.) Using the units-ofproduction method, depreciation is for 2020 and for 2021. c. Doutle-decining balance method Using the double-dectining-baiance method, depreciation is for 2020 and for 2021. Requirements 1. Compute ShipEx's depreciation for the first two years on the plane using the following methods: a. Straight-line method b. Units-of-production method (round depreciation per mile to the closest cent) c. Double-declining-balance method 2. Show the airplane's book value at the end of the first year under each depreciation method