Far North Airways Ltd. purchased a used Cessna 280 Caravan for its flight operations in September 2020. Far North paid $2,465,000 for the plane. Based on past experience, management has determined that the plane will have a useful life of 18,950 flying hours, at which time it will have an estimated residual value of $949,000. During 2020, the plane was used for 1,280 flying hours, and in 2021 it was used for 5,150 flying hours. Far North has a December 31 year end and uses the units-of-production method of depreciation for its planes.

Required

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