Part 7 of 8 points Points: 5.43 of 10 Save On January 1, 2024, Logan Services purchased a used airplane for $48,000,000. Logan Services 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 1,300,000 miles during the first year Read the requirements. Requirement 1c. Compute Logan Services'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 "O" for items with a zero value) Cost 48,000,000 Accumulated depreciation 12000000 2 (1-Useful) 2-(1-5) Double-declining- balance depreciation 9000000