[SURV69]

why a paid-for boat has depreciation listed as an "expense"?

Granted, depreciation would diminish value, but it can only diminish the value of the item.

SO . . . a $20,000 depreciates until it's worth nothing, meaning the expense of the depreciation was $20,000 and the value of the boat is nothing, meaning that the $20,000 orginally spent, is now lost.

BUT it remains ONLY $20,000, not $20,000 PLUS the depreciation amount.