Question 3 of 7 - 71 View Policies Current Attempt in Progress In August 2020, Heavy-lift Helicopters Ltd. purchased a new helicopter for its logging and heavy lift operations at a cost of $0.7 million. Based on past experience, management has determined that the helicopter will have a useful life of 10,000 flying hours, at which time it will have an estimated residual value of $100,000. During 2020, the helicopter was used for 1,000 flying hours, and in 2021 it was used for 1,200 flying hours. Heavy-lift Helicopters has a December 31 year end and uses the units-of-production method of depreciation for its helicopters. Determine the depreciation expense on this helicopter for 2021 and its carrying amount at December 31, 2021. 2021 Depreciation expense $ Carrying amount $ e Textbook and Media Save for Later Attempts: 0 of 5 used Submit