2. On January 1, Inglewood Cranes purchased a crane for $114,000. Inglewood expects the crane to remain useful for four years (600,000 lifts) and to have a residual value of $30,000. 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. Cost Residual value Useful life - Straight-line depreciation 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 two decimals, X.XX.) -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.) 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.) x | | = Units-of-production depreciation c. Compute the first-year and second-year depreciation expense on the crane using the double-declining-balance method. Begin by selecting the formula to calculate the company's first-year and second-year depreciation on the crane using the double-declining-balance method. Then enter the amounts and calculate the depreciation for the first year. Finally, enter the amounts and calculate the depreciation for the second year. (Enter "O" for items with a zero value. Do not round the interim calculation. Round depreciation expense to the nearest whole dollar.) Double-declining balance depreciation ) x Yr1 Yr2 ) x