On January$1,2024,$Air$$Asiaspurchased a used airplane for$$54,500,000.$Air$$Asiasexpects the plane to remain useful forfiveyears$(4,000,000$miles$)$ and to have a residual value of$$6,500,000.$The company expects the plane to be flown$1,100,000$miles during the first year.Read the requirementsLOADING....Requirement $1$a$.$ ComputeAir$$Asias$\text{'}$s$$first$-$year depreciation expense on the plane using

the$$straight$-$line method.Begin by selecting the formula to calculate the$$company$\text{'}$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.$($