3. Inspection Costs in 2022: The inspection cost in 2022...

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Accounting

3. Inspection Costs in 2022:
The inspection cost in 2022 was $2,200,000. Since Flight Limited performed the inspection six months earlier than required, it should only account for half of the annual inspection cost in 2022. So the answer should have been $2,200,000/2yrs*6/12= $ 550,000 for 2022 add the inspection cost done in 2021 costing $ 2,000,000 for 2yrs: $2,000,000/2=$1,000,000.The total inspection cost for 2022= $ 1,550,000

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