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please answer question: Sheridan Airways Ltd. purchased a used Cessna 280 Caravan for its flight operations in September 2024. Sheridan paid $2,208,800 for the plane.

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image text in transcribed Sheridan Airways Ltd. purchased a used Cessna 280 Caravan for its flight operations in September 2024. Sheridan paid $2,208,800 for the plane. Based on past experience, management has determined that the plane will have a useful life of 17,600 flying hours, at which time it will have an estimated residual value of $924,000. During 2024, the plane was used for 1,360 flying hours, and in 2025 it was used for 4,770 flying hours. Sheridan 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 2024 and 2025, along with its carrying amount at December 31, 2025

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