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Velor Inc. runs boats along the coast of British Columbia. They purchased a cruising boat on March 4,2023 for cash of $183,000. Its estimated useful
Velor Inc. runs boats along the coast of British Columbia. They purchased a cruising boat on March 4,2023 for cash of $183,000. Its estimated useful life was 10 years or 60,000 hours with a residual value of $15,000. The company's year end is December 31 . Assume actual hours of service were : 2023:5,7002024:5,1002025:8,500 Calculate depreciation expense for the first three years of the asset's useful life by completing the following table using the different depreciation methods. Calculate the depreciation to the nearest whole month, and round depreciation amounts to the nearest whole dollar. For simplicity, assume that the boats are depreciated as one unit and will not be broken down into parts and depreciated
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