K 2. On January 1, Inglewood Cranes purchased a crane for $116,000. Inglewood expects the crane...

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K 2. On January 1, Inglewood Cranes purchased a crane for $116,000. Inglewood expects the crane to remain useful for four years (800,000 lifts) and to have a residual value of $20,000. The company expects the crane to be used 60,000 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 K 2. On January 1, Inglewood Cranes purchased a crane for $116,000. Inglewood expects the crane to remain useful for four years (800,000 lifts) and to have a residual value of $20,000. The company expects the crane to be used 60,000 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

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