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At the starting of the year, Fun Ships cruises line purchased a cruise ship at a cost of $55 million. Fun Ships expects the ship to remain useful for 10-years (1,000,000 miles) and to encompass a residual value of $5 million.

Fun Ships puts 80,000 miles on the ship the first year and 115,000 miles the second year.

Requirements:

a) find out Fun Ships' first and second year depreciation on the cruise ship by using the given methods:

Straight-line Units-of-production Double declining balance.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M920332

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