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Calculate depreciation expense for the fiscal years

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Question: West Coast Tours runs boat tours along the West Coast of British Columbia. On March 5, 2020, it purchased, with cash, a cruising boat for $828,000, having a useful life of 10 years or 13,250 hours, with a residual value of $192,000. The company's year-end is December 31.

Required: Calculate depreciation expense for the fiscal years 2020, 2021, and 2022 by completing a schedule. (Note: Depreciation is calculated using half year convention. Assume actual hours of service were: 2020, 720; 2021, 1,780; 2022, 1,535.)

Depreciation Method

Year

Straight-Line

Double-Declining Balance

Units-of-Production

Reference no: EM132756123

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