On JanuaryJanuary $1,$ ClaytonClayton Cranes purchased a crane for $ $152$ comma $000$$$152,000.$ ClaytonClayton expects the crane to remain useful for fourfour years $(800$ comma $000800,000$ lifts$)$ and to have a residual value of $ $40$ comma $000$$$40,000.$ The company expects the crane to be used $120$ comma $000120,000$ lifts the first year.Compute the first$-$year depreciation expense on the crane using the following methods:a$.$ Straight$-$lineb. Units$-$of$-$production $($Round depreciation per unit to two decimals. Round depreciation expense to the nearest whole dollar.$)$c$.$ Double$-$declining$-$balance $($Round depreciation expense to the nearest whole dollar.$)$Question content area bottomPart $1$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.Part $2(-)/=$Straight$-$line depreciation$(-)/=$ Part $3$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$.)$Part $4(-)/=$Depreciation per unit$(-)/=$ Part $5$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 x $=$ Part $6$c$.$ Compute the first$-$year depreciation expense on the crane using the double$-$declining$-$balance method. Begin by selecting the formula to calculate the company's first$-$year depreciation on the crane using the double$-$declining$-$balance method. Then enter the amounts and calculate the depreciation for the first year. $($Enter $"0"$ for items with a zero value. Do not round the interim calculation. Round depreciation expense to the nearest whole dollar.$)$Part $7$ Double$-$declining$-(-)$ x $=$balance depreciation$(-)$ x $=$