Far North Airways Ltd. purchased a used Cessna 280 Caravan for its flight operations in September 2020. Far North paid $2,503,600 for the plane. Based on past experience, management has determined that the plane will have a useful life of 20,800 flying hours, at which time it will have an estimated residual value of $902,000. During 2020, the plane was used for 1,270 flying hours, and in 2021 it was used for 4,760 flying hours. Far North has a December 31 year end and uses the units-of-production method of depreciation for its planes.

Determine the depreciation expense on this plane for 2020 and 2021, along with its carrying amount at December 31, 2021.

Depreciation expense 2020=

Depreciation expense 2021=

Carrying amount at December 31, 2021=