Tundra Tours runs tundra buggy expeditions in northern Manitoba for tourists to catch a glimpse of the abundant caribou, polar bears, and other wildlife. Tundra purchased a tundra buggy on October 19, 2023, for cash of $145,000. Its estimated useful life is five years or 100,000 kilometres with a residual value estimated at $25,000. Tundra Tours’ year-end is December 31.

RequiredCalculate depreciation expense for each fiscal year of the asset’s useful life by completing a schedule with the following headings (round calculations to the nearest whole dollar):

¹Deprecation is calculated to the nearest month.²Assumes actual kilometres of use were 2023, 5,800; 2024, 19,400; 2025, 22,850; 2026, 25,700; 2027, 19,980; 2028, 14,600.

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Depreciation Method¹ Year Straight-Line Double-Declining-Balance Units-of-Production²