This Question: 8 pts 1 of 11 (8 complete) This Quiz: 45 pts possible Question Help On January 1, 2020, Foley Air purchased a used Bombardier jet at a cost of $75,000,000. Foley expects the plane to remain useful for four years (5,500,000 miles) and to have a residual value of $4,750,000 Foley expects the plane to be flown 775,000 miles the first year. (Note: "Miles" is the unit of measure used in the airline industry) 1. Compute Foley's first-year amortization on the jet using the following methods a. Straight line b. UOP c. DDB 2. Show the jet's book value at the end of the first year under the straight-line method 1. Calculate the first-year amortization: (Round your final answer to the nearest whole dollar.) a. Using the straight-line method, amortization is $ b. Using the UOP method, amortization is s (Do not round intermediary calculations. Only round the amount you input in the cell to the nearest dollar.) c. Using the DDB method, amortization is $(Do not round intermediary calculations. Only round the amount you input in the cell to the nearest dollar.) 2. Show the jet's book value at the end of the first year under the straight-line method Book value: Straight-Line Cost Less: Accumulated amortization Book Value Enter any number in the edit fields and then continue to the next question TI o Bi e na x