point(s) possible Submit quiz 2. On January 1, Lakewood Cranes purchased a crane for $250,000. Lakewood expects the crane to remain useful for ten years (600,000 lifts) and to have a residual value of $10,000. The company expects the crane to be used 120,000 lifts the first year. Compute the first-year depreciation expense on the crane using the following methods: a. Straight-line b. 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.) 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. Straight-line depreciation 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, XXX.) ( )/ Depreciation per unit 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.) Ca Depreciation per unit 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.) Units-of-production depreciation 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 "O" for items with a zero value. Do not round the interim calculation. Round depreciation expense to the nearest whole dollar.) Double-declining- balance depreciation Ca Depreciation per unit 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.) Units-of-production depreciation 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 "O" for items with a zero value. Do not round the interim calculation. Round depreciation expense to the nearest whole dollar.) Double-declining- balance depreciation