2. On January 1, Brentwood Cranes purchased a crane for $160,000 Brentwood expects the crane to remain useful for five years (1,200,000 lifts) and to have a residual value of $40,000. The company expects the crane to be used for 80,000 hifts the first year Read the requirements a. Compute the first-year depreciation one 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 line depreciation * Requirements Accumulated depreciation Cost Current year usage Depreciation Depreciation per unit Nel book value Residual value Useful life Compute the first-year depreciation expense on the crane using the following methods a. Straight line b. Units of production (Round depreciation per un 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 Choose from any drop-down list and then click Check Answer 7 parts Clear All Check Answer remaining