On January 1, the Matthews Band pays $65,800 for sound equipment. The band estimates it will use this equipment for four years and perform 200 concerts. It estimates that after four years it can sell the equipment for $2,000. During the first year, the band performs 45 concerts. Compute the first-year depreciation using the units-of-production method. Select formula for the depreciation rate of Units of Production: (Cost - Salvage value) / Total units of production Calculate the first year depreciation expense: Depreciation per concert 319.00 Concerts in first year Depreciation in first year $ 14,355 $ 45