An entity purchased a light aircraft on 30 June 2020. The financial year end is 31 December. At acquisition, the aircraft cost R1 675 000 and it was estimated that the aircraft would fly a total of 8 000 000km over its useful life of 15 years. The units of production method is used to calculate depreciation and the residual value of the aircraft is R125 000. In the current year, the aircraft flew 350 000km.

You are required to:

Record the journal entry for depreciation for the year ended 31 December 2020. (5 marks)