Try another version of this question At the beginning of the year, Hope We Land Airlines purchased a used airplane for $33,300,000. Hope We Land Airlines expects the plane to remain useful for 5 years, or 3,970,000 miles and to have a residual value of $5,790,000. The company expects the plane to be flown 1,140,000 during the first year. Note: When inputting a percentage value, do not include the % symbol, and round your answer to two decimal places (e.g., 50.35). 1. Compute Hope We Land Airlines first-year depreciation expense on the plane using the following methods: a. Straight-line Method = `(` Cost-Residual Value`)` `/` Time = Depreciation Per Year Straight-line Method = `(` `-` `)` `/` `(` `)` `=` $ per year b. Units of Production = `(` Cost-Residual Value`)` `/` Usage = Depreciation Per Unit Straight-line Method = `(` `-` `)` `/` `(` `)` `=` $ per unit Depreciation per Unit `*` Miles `=` Depreciation X = c. Double-declining balance 1 `/` `(` # of years`)` `=` Percent of Straight Line Depreciation 1 / = `%` 2 X Percent of Straight Line Depreciation = Percent of Double Declining Depreciation 2 X `%` `=` `%` Percent of Double Declining Depreciation X Cost `=` Depreciation `%` X $ `=` $ 2. Show the airplane’s book value at the end of the first year for all three methods. Account Straight-line Units-of-production Double-declining-balance Cost Less: Accumulated Depreciation Book Value Account Straight-line Units-of-production Double-declining-balance Cost 33,300,000.00 33,300,000.00 33,300,000.00 Less: Accumulated Depreciation 5,502,000.00 7,899,596.98 13,320,000.00 Book Value 27,798,000.00 25,400,403.02 19,980,000.00