2. On January 1, Inglewood Cranes purchased a crane for $260,000. Inglewood expects the crane to remain useful for eight years (800,000 lifts) and to have a residual value of $20,000. The company expects the crane to be used for 60,000 lifts the first yea 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-line depreciation )1 b. Compute the first-year depreciation expense on the crane using the units-of-production method. Before calculating the first-year depreciation on the crane using the units-of-production method, calculate the depreciation expense per unit Select the formula, then enter the amounts and calculate the depreciation per unit. (Round depreciation per unit to t decimals, XXx.) Depreciation per unit Now, select the formula, enter the amounts, and calculate the company's first-year depreciation on the crane using the units-of-production method. (Round depreciation expense to the nearest whole dollar.) Units-of-production depreclation