On January $1,2024,$ Advanced Airline purchased a used' airplane at a cost of $$60,500,000.$ Advanced Airline expects the plane to remain useful for eight years $(5,000,000$ miles$)$ and to have a residual value of $$5,500,000.$ Advanced Airline expects the plane to be flown $1,100,000$ miles the first year and $1,200,000$ miles the second year.

Requirements

Compute second$-$year $(2025)$ depreciation expense on the plane using the following methods:

a$.$ Straight$-$line

b$.$ Units$-$of$-$production

c$.$ Double$-$declining$-$balance

Calculate the balance in Accumulated Depreciation at the end of the second year for all three methods.