2. On January 1, Albany Cranes purchased a crane for $208,000. Albany expects the crane to remain useful for eight years (600,000 lifts) and to have a residual value of $40,000. The company expects the crane to be used for 160,000 lifts the first year Read the requirements. a. Compute the first-year depreciation expense on the crane using the straight-line method Begin by selecting the formula to calculate the company's first-year depreciation on the crane using the straight-line method. Then enter the amounts and calculate the depreciation for the first year. Si ap Requirements Compute the first-year depreciation expense on the crane using the following methods: a. Straight-line b. Units-of-production (Round depreciation per unit to two decimals. Round depreciation expense to the nearest whole dollar.) Compute the first-year and second-year depreciation expense on the crane using the following method: c. Double-declining-balance (Round depreciation expense to the nearest whole dollar.) Print Done