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 dolar.) GEDE 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, X.XX) 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) Time Remaining: 00:29:17 Submitlouiz the Crane to remain useful for ten years (600.000 lifts) and to have a residual 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 dolar) c. Double-declining balance (Round depreciation expense to the nearest whole dollar.) pts Depreciation per unit CE 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 exponse to the nearest whole dollar) Units of production depreciation Dof 1 0 of 1 O of c. Compute the first year depreciation expense on the crane using the double-dodining-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 for items with a zero value. Do not round the interim caloitation Round depreciation expense to the nearest whole dollar.) Double-declining ) balance depreciation 1 of 1 O of 1 x