Q5 8-4 Units-of-production depreciation LO P1 On January 1, the Matthews Band pays $67,600 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 $1,000. 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: Calculate the first year depreciation expense: Depreciation per concert Concerts in first year Depreciation in first year