2. On January 1, Belmont Cranes purchased a crane for $280,000. Belmont expects the crane to remain useful for ten years (2,000,000 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. )[=Straight-linedepreciation