! Required information Use the following information for the Quick Studies below. (Algo) [The following information applies to the questions displayed below.] On January 1, the Matthews Band pays $67,400 for sound equipment. The band estimates it will use this equipment for five years and perform 200 concerts. It estimates that after five years it can sell the equipment for $2,000. During the first year, the band performs 55 concerts. QS 8-5 (Algo) Units-of-production depreciation LO P1 Compute the first-year depreciation using the units-of-production method. Select formula for the depreciation rate of Units of Production: (Cost - Salvage value) / Useful life in periods Calculate the first year depreciation expense: Depreciation per concert Concerts in first year Depreciation in first year