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Assume that at the beginning of 2020, Foley Air purchased a Bombardier Q400 aircraft at a cost of $30.000.000. Foley expect the plane to remain out for five years (5.750,000 and to have a res dual value of $5,000,000 Foley expects the plane to be flown 700.000 km the first year. 1.000.000 km each year during years 2 through 4 and 250.000 km the last year 1. Compute Foley's first-year depreciation on the plane using the following methods a. Straight-line b. Units of production c. Double-diminishing-balance 2. Show the plane's carrying amount at the end of the first year under each depreciation method which method results in the highest carrying amount? Which method produces the lowest carrying amount Briefly explain why Requirement 1. Compute Foloy's first-year depreciation on the plane. 1. Using the straight-line method, depreciation is (Hold all decimals during interim calculations. Round the final solution to the nearest whole number) b. Uning the units of production method, depreciation is $ Hold all decimals during interim calculations, Round the final solution to the nearest whole number) c. Using the double-diminishing-balance method, depreciation (Hold all decimals during interim calculations. Round the final solution to the nearest whole number) Requirement 2. Show the airplane's carrying amount at the end of the first year under each depreciation method. Which method results in the highest carrying amount? Which metod produced the lowest carrying amount? Briefly explain why. (Use parentheses or a minus sign when subtracting numbers.) Units-of- Double-Diminishing Carrying amount: Straight-Line Production Balance Cost Less: Accumulated depreciation Carrying amount method results in the lowest carrying amount results in the highest carrying amount and will vary depending on the use of the asset a. Uning the straight line method. depreciation is sold all decimals during interim calculations. Round the final solution to the nearest whole number) b. Using the units-of-production method, depreciations (Hold all decimals during interim calculations. Round the final solution to the nearest whole number) c. Uting the double-diminishing-balance method, depreciation is sold all decimats during Interim calculations. Round the final solution to the nearest whicle number) ying amount at the end of the first year under each depreciation metod which method results in the highest cyng out? Which method proces thy (Use parentheses or a minus sign when subtracting numbers) Units-of- Double-Diminishing Double-diminishing-balance Straight-Line Production Balance Straight-line Unsts-of-production metod results in the lowest carrying amount results in the highest carrying amount and will vary depending on the use of these amount of the asser's cost near the start of its use it since it writes off a unt? Which method produces the The double diminishing bolare Requirement 2. Show the plane's carrying amount of the end of the first year onder each depreciation method whic west carrying amount? Betly explain why. (Use parentheses of a minussion when subtracting numbers Units of Double-Diminishing Carrying amount Straight-Line Production Balance Cost Les Accumulated depreciation Carrying amount The line The units-of-production method results in the lowest carrying out results in the highest carrying amount and wil vary depending on the use of the amount of the asser's coat or the start of its usele, since it writes of Straight-Line Units of Production Double-Dieninishing Balance Carrying amount Cost Less: Accumulate Carrying amount smaller in the highest carrying amount and will vary depending on the use of the asset amount of the asset's cost near the start of a total life methods in lowest carrying amount since it writes ofta