on January 1, Lakewood cranes purchased a crane for $170, 000. lakewood expects the crane to remain useful for four years (800,000 lifts) and to have a residual value of $50,000. the company expects the crane to be used 120, 000 lifts the first year.

compute the first-year expense depreciation expense on the crane using the following methods.

a. straight-line b. units-of production c. double-declining balance