On January 1, 2017, QuickAir Transportation Company purchased a used aircraft at a cost of $51,000,000. QuickAir expects the plane to remain useful for five years (6,800,000 miles) and to have a residual value of $5,000,000. QuickAir expects to fly the plane 850,000 miles the first year, 1,200,000 miles each year during the second, third, and fourth years, and 2,350,000 miles the last year.
2. How much income tax will QuickAir save for the first year of the airplanes use under the method you just selected as compared with using the straight-line depreciation method? The companys income tax rate is 42%. Ignore any earnings from investing the extra cash. (Round the depreciation rates to two decimal places.Round your final answers to the nearest whole dollar.)
Can somebody help me find the answers for the problem in the first picture.
