On April 30, 2020, Sheffield 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 $93 million, with an estimated useful life of 12 years and residual value of $30 million. Sheffield 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: Pattern of benefits Total output (nautical miles) Part Cost Useful life Residual value Engines (6) $955,000 per engine 8 years $120,000 per engine Varies with activity 7 million Hull $3,600,000 10 years $506,000 Highest in early years 7.80 million Body $83.67 million 15 years $15.45 million Evenly over life of body 12.10 million The ship's first voyage took place on August 1, 2020. The ship sailed a total of 322,000 nautical miles in 2020. Sheffield prepares financial statements in accordance with IFRS. Prepare the journal entries to record depreciation expense for 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Do not round intermediate calculations. Round answers to O decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit December 31, 2020 Depreciation Expense Accumulated Depreciation - Ships Engines (To record depreciation on Ships Engines) December 31, 2020 Depreciation Expense Accumulated Depreciation - Ships Hull