On April 8, 2018, Dreamland Park purchased a ferris wheel for $300,000. The estimated life of the ferris wheel was 10 years, with an estimated residual value of $60,000. The service life in terms of output is estimated at 30,000 hours of operation. Compute the depreciation on this ferris wheel in 2018 and 2019 using the following methods. 2018 2019 Straight-line (with half-year convention) 200%-declining-balance (with half-year convention) 24 150%-declining-balance (with half-year convention) 24 24

On April 8, 2018, Dreamland Park purchased a ferris wheel for $300,000. The estimated life of the ferris wheel was 10 years, with an estimated residual value of $60,000. The service life in terms of output is estimated at 30,000 hours of operation. Compute the depreciation on this ferris wheel in 2018 and 2019 using the following methods. 2018 2019 Straight-line (with half-year convention) 200%-declining-balance (with half-year convention) 24 150%-declining-balance (with half-year convention) 24 24

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 4EA: Montello Inc. purchases a delivery truck for $15,000. The truck has a salvage value of $3,000 and is...

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