Use the following information for the Quick Studies below. [The following information applies to the questions displayed below.] On January 2, 2018, the Matthews Band acquires sound equipment for concert performances at a cost of $66,000. The band estimates it will use this equipment for four years, during which time it anticipates performing about 200 concerts. It estimates that after four years it can sell the equipment for $1,000. During year 2018, the band performs 45 concerts. QS 8-4 Units-of-production depreciation LO P1 Compute the year 2018 depreciation using the units-of-production method. Answer is complete but not entirely correct. Select formula for the depreciation rate of Units of Production: (Cost- Salvage value) Total units of production Calculate 2018 depreciation expense: $ Depreciation per concert 16,750 Concerts in 2018 316,000 $ 5,293,000,000 Depreciation in 2018