On April 30, 2020, Swifty Corporation ordered a new passenger ship, which was delivered to the designated cruise port and available for some 1.2020. Overall, the cost of the ship was $94 million, with an estimated useful life of 12 years and residual value of $30 milion Swifty spects that the new ship, as a whole will provide sorte economie 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 the less values, and patterns of providing economic benefits: Pattern of Total output Part Cost Useful life Residual value benefits (nautical miles) Engines (6) $935,000 per engine 3 years $120.000 per engine Varies with activity 6 million Hull $3,700,000 10 years $505,000 Highest in early years 7.90 million Body $84.69 million 15 years $15.21 million Evenly over te of body 12.60 million PERS The ship's first voyage took place on August 1, 2020. The ship salled a total of 324,000 nautical miles in 2020. Swifty prepares financements in Prepare the joumal entries to record depreciation expense for 2020. (Credit account titles are automatically indented when the amount is entered If no entry is required, select "No Entry for the account titles and enter o for the amounts. Do not round intermediate calculations. Round places, e.o. 5,275.) Date Account Titles and Explanation December 31, 2020 Depreciation Expense Ships Engines (To record depreciation on Ships Engines) Debit Credit December 31, 2020 Depreciation Expense Ships Hull (To record depreciation on Ships Hull) December 31, 2020 Depreciation Expense Ships Body (To record depreciation on Ships Body)