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.

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turnover

the amount of money taken by a business in a particular period.