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Determine the depreciation expense on this helicopter

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Question - In August 2020, Heavy-lift Helicopters Ltd. purchased a new helicopter for its logging and heavy lift operations at a cost of $1.0506 million. Based on past experience, management has determined that the helicopter will have a useful life of 11,400 flying hours, at which time it will have an estimated residual value of $150,000. During 2020, the helicopter was used for 1,140 flying hours, and in 2021 it was used for 1,340 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.

Reference no: EM133107870

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