TI9-2 (similar to) Question Help . On January 1, Blue Lake Cranes purchased a crane for $170,000. Blue Lake expects the crane to remain useful for five years (2,000,000 lifts) and to have a residual value of $10,000. The company expects the crane to l used for 120.000 lifts the first year. Read the requirements Compute the first-year depreciation expense on the crane using the straight-line method. X Begin by selecting the formula to calculate the company's first-year depreciation on the crane using the straight-line method. Then enter the amour Requirements = Straight-line depreciation Cost Residual value Useful life 170,000 10,000 5 32.000 Compute the first-year depreciation expense on methods he crane using the following b. Compute the first-year depreciation expense on the crane using the units-of-production method. Before calculating the first-year depreciation c XXX.) b Units-of.production (Round depreciation ger unt to two decimals Round depreciation expense to the nearest whole dollar. ion per unit to two decimals, the crane using the units-of-production method, calculate the depreciation expense per unit Selec Cost Residual value Useful life in units = Depreciation per unit Compute the first-vear and second-year depreciation expense on the crane using the following method 170,000 10,000 2,000,000 0.08 c. Double-declining-balance (Round depreciation expense to the nearest whole dollar.) Now, select the formula, enter the amounts, and calculate units-of-production method. (Round depreciation expense to the nearest whole dollar.) the crane using the depreciation Depreciation per unit Current year usage Units-of-production depreciation Print Done 0.08 9.600 120,000 .Compute the first-year and second-year depreciation expense on the crane using the double-declining-balance method Begin by selecting the formula to calculate the company's first-year and second-year depreciation on the crane using the double-declining-balance method. Then enter the amounts and calculate the depreciation for the first year. Finally, enter the amounts and calculate the depreciation for the second vear, (Enter "0" for items with a zero value. Do not round the interim calculation. Round depreciation expense to the nearest whole dollar.) Double-declining- Accumulated depreciation balance depreciation Cost 2x (1/Useful life) 170000 Yr1