2. On January 1, Alamo Cranes purchased a crane for $ 140,000. Alamo expects the crane to remain useful for six years (1,000,000 lifts) and to have a residual value of $ 2,000. The company expects the crane to be used for 80 comma 000 lifts the first year.

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.

$23,000

Explanation:

The computation of first-year depreciation expense using straight line method is shown below:-

Straight-line depreciation = (Cost- residual value) ÷ Useful life

= ($140,000 - $2,000) ÷ 6

= $138,000 ÷ 6

= $23,000

Therefore for computing first-year depreciation expense using the Straight-line depreciation we simply applied the above formula.

you will have $2593.74 in 10 years if you set aside $1,000 at 10%

you will have $9321.91 in 20 years if you set aside $2000 at 8%

you will have $1469.32 in 5 years if you set aside $1000 at 8%

you will have $1296.87 in 10 years if you set aside $500 at 10%

you will have $239.66 in 15 years if you set aside $100 at 6%

you will have $4660.96 in 20 years if you set aside $1000 at 8%

1. c

2. b

3. a

4. c

5. a

6. b

7. c

8. c

9.b

10. d

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