2. On January 1, Toller Cranes purchased a crane for $140,000. Taller Cranes expects the crane to remain usoful for five years (1,200,000 lifts) and to have a residual value of $20,000. The company expocts the crane to be used for 140,000 lifts the first year. a. Compute the first-year depreciation expense on the crane using the straight-line method Begin by selecting the formula to calcutate the companys fras-year depreciation on the crane using the straight-line method. Then enter the amounts and calculate the depreciation for the first year. Requirements Compute the first-year depreciation expense on the crane using the following methods: a. Stralght fine b. Units-of-production (Fiound depreciation per unit to two decimals: Round depreciation expense to the nearest whole dollac) Compute the first-year and second-year depreciation expense on the crane using the following method: c. Double-dedining-balance (Round depreciation axpense to the nearest whole dollar.)