is this correct? please help with part c.
2. On January 1, Clayton Cranes purchased a crane for $190,000. Clayton expects the crane to remain useful for ten years (1,200,000 lifts) and t have a residual value of $10,000. 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 amou and calculate the depreciation for the first year. Cost ) Useful life | ( - 190000 - Residual value 10000 = Straight-line depreciation = 18000 10 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. Sele the formula, then enter the amounts and calculate the depreciation per unit. (Round depreciation per unit to two decimals, X.XX.) Cost Residual value / Useful life in units = Depreciation per unit ( 190000 - 1200000 1 = 0 .15 2 x (1 / Useful life) Now, select the formula, enter the amour 3 x (1 / Useful life) first-year depreciation on the crane using the units-of-production method. (Round depr 3 + (1 / Useful life) whole dollar.) Current year usage x Accumulated depreciation Units-of-production depreciation 160000 x Cost 24000 Current year usage c. Compute the first year and second-yei Depreciation srane using the double-declining-balance method. Begin by selecting the formula to calculat Depreciation per unit econd-year depreciation on the crane using the double-declining-balanc method. Then enter the amounts and cal Net book value 'st year. Finally, enter the amounts and calculate the depreciation for the second year. (Enter "O" for items with a z pocidi rim calculation. Round depreciation expense to the nearest whole dollar. Useful life Double-declining- ( Cost = balance depreciation Yr1 ( 190000 - 0 0 ) T = 38000 Yr2 ( 152000 30400 ) x 2. On January 1, Clayton Cranes purchased a crane for $190,000. Clayton expects the crane to remain useful for ten years (1,200,000 lifts) and to have a residual value of $10,000. 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 amount and calculate the depreciation for the first year. Cost / Useful life Residual value 10000 = Straight-line depreciation = 18000 ( 190000 - 10 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.) ( Cost 1-1 Residual value / Useful life in units = Depreciation per unit 190000 - 10000 1200000 1 = 0 .15 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.) Current year usage = xl Depreciation per unit 160000 x 0.15 Units-of-production depreciation 24000 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 "0" for items with a zero value. Do not round the interim calculation. Round depreciation expense to the nearest whole dollar.) Cost ) ) ( Yrt ( Yr2 ( 190000 . . . 0 Double-declining- = balance depreciation = 38000 = 30400 152000 0 ) 2 x (1/10) 3 x (1/10) 3+ (1/10) 10 Choose from any list or enter any number in the input fields and then con $0.15
