On January $1,2024,$ Foley Airline purchased a used airplane at a cost of $$46,500,000.$ Foley Airline expects the plane to remain useful for eight years miles$)$ and to have a residual value of $$6,500,000.$ Foley Airline expects the plane to be flown $1,200,000$ miles the first year and $1,500,000$ miles the second year.

Read the requirements.

Requirement $1$a$.$ Compute second$-$year $(2025)$ depreciation expense on the plane using the straight$-$line method.

Begin by selecting the formula to calculate the company's second$-$year depreciation expense on the plane using the straight$-$line method. Then enter the amounts and calculate the depreciation expense for the second year.

$1+$

$=$ Straight$-$line depreciation

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.