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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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