Requirements 1. Compute Foley 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 On January 1, 2024, Foley Airlines purchased a used airplane for $35,500,000. Foley Airlines expects the plane to remain useful for four years (5,000,000 miles) and to have a residual value of $5,500,000. 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. Straight-line depreciation 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 the amounts and calculate the depreciation per unit. = Depreciation per unit 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. x Units-of-production depreciation Requirement 1c. Compute Foley Airlines'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.) Double-declining- = balance depreciation Requirement 2. Show the airplane's book value at the end of the first year for all three methods. Cost Less: Accumulated Depreciation Book Value Straight-Line Units-of-production Double-declining-balance