S7-8. (Learning Objectives 3, 4: Computing partial year depreciation; selecting the best depreciation method) Assume that on September 30, 20X6, LoganAir, the national airline of Switzerland, purchased an Airbus aircraft at a cost of 48,000,000. LoganAir expects the plane to remain useful for six years (4,500,000 miles) and to have a residual value of 6,000,000. LoganAir will fly the plane 420,000 miles during the remainder of 20X6. Compute LoganAir's depreciation on the plane for the year ended December 31, 20X6, using the following methods: a. Straight-line b. Units-of-production c. Double-declining-balance Which method would produce the highest net income for 20X6? Which method produces the lowest net income