On April 30, 2020, Blue Spruce Corporation ordered a new passenger ship, which was delivered to the designated cruise port and available for use as of June 30, 2020. Overall, the cost of the ship was $97 million, with an estimated useful life of 12 years and residual value of $30 million. Blue Spruce expects that the new ship, as a whole, will provide its greatest economic benefits in its early years of operation. After further research and discussion with management, it is determined that the ship consists of major parts with differing useful lives, residual values, and patterns of providing economic benefits:

Engines (6) $955,000per engine 8years $120,000 per engine Varies with activity 7million

Hull $3,750,000 10years $510,000 Highest in early years 7.70million

Body 87.52million 15years $16.06million Evenly over life of body 12.20million

The ship's first voyage took place on August 1, 2020. The ship sailed a total of 315,000 nautical miles in 2020. Blue Spruce prepares financial statements in accordance with IFRS.

Prepare the journal entry to record the purchase of the ship, assuming that Blue Spruce paid cash for the purchase. (Credit account titles are automatically indented when the amount is entered

Prepare the journal entries to record depreciation expense for 2020