On January 1, , Demolition, a , , company specializing in blasting and removing buildings, purchased and took delivery of a new dump truck to add to its growing fleet. Demolition has a high-class reputation and uses only the best and newest equipment on its worksites. The business spent $ plus HST on the truck, which is expected to be useful to the business for years, at which time it should be able to be sold for $. Demolition has always used the straight-line basis of calculating amortization. The new owners want to see the amortization schedules for the straight-line, UOP, and DDB methods just to be sure this makes sense. The business expects the truck to be useful for kilometres kilometres in Year 1, kilometres in each of Years 2 and 3, and kilometres in Year 4. Is there a problem with continuing to use the straight-line method? Question content area bottom Part 1 Let's begin with the straight-line amortization schedule. Before completing the straight-line amortization schedule, calculate the straight-line amortization rate. (Round the rate to two decimal places.) Time (1 Year) Useful Life = Straight-Line Amortization Rate 1 4 = 25% Part 2 Complete the Straight-Line Amortization Schedule. (Round the amortization expense to the nearest whole dollar.) Date Asset Cost Amortization Rate Amortizable Cost Amortization Expense Accumulated Amortization Asset Book Value January 1, 2023 120000 120000 December 31, 2023 25% 15000 15000 15000 105000 December 31, 2024 25% 15000 15000 30000 90000 December 31, 2025 25% 15000 15000 45000 75000 December 31, 2026 25% 15000 15000 60000 60000 Part 3 Before completing the units-of-production amortization schedule, calculate the amortization expense per unit rate. (Round the rate to three decimal places.) ( Asset Cost Residual Value ) Total Unit Output = Amortization per Kilometre ( ) = Part 4 Complete the Units-of-Production Amortization Schedule. (Enter the rate to three decimal places. Round the amortization expense to the nearest whole dollar. Enter the final asset book value using the method described in the text. Abbreviation used: km = kilometres.) Date Asset Cost Amortization Per Kilometre Number of Kilometres Amortization Expense Accumulated Amortization Asset Book Value January 1, 2023 December 31, 2023 December 31, 2024 December 31, 2025 December 31, 2026 Part 5