At the beginning of 2011, Texas Aero purchased a used airplane at a cost of \($59,000,000\). Texas Aero expects the plane to remain useful for 5 years (6 million miles) and to have a residual value of \($5,000,000\). Texas Aero expects the plane to be flown 1.4 million miles the first year and 1.3 million miles the second year.
Requirements

1. Compute second-year (2012) depreciation on the plane using the following methods:

a. Straight-line

b. Units-of-production

c. Double-declining-balance

2. Calculate the balance in Accumulated depreciation at the end of the second-year using the Straight-line method of depreciation.