15)

Ivanhoe uses the units-of-production method to calculate depreciation on its taxicabs. Each cab is expected to be driven 357,900 km over its life. Taxi 10 was purchased on March 1, 2020, for $36,280 and is expected to have a residual value of $490. Taxi 10 was driven 128,780 km in 2020 and 111,090 km in 2021. Ivanhoe has a December 31 year end. Calculate the depreciation expense on Taxi 10 for 2020 and 2021.

Year Depreciation expense

2020 $enter a dollar amount

2021 $enter a dollar amount