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At December 1, 2019, Dynamic Exploration's balance sheet showed total PPE assets of $918,800 and total accumulated depreciation of $394,377 as detailed in the
At December 1, 2019, Dynamic Exploration's balance sheet showed total PPE assets of $918,800 and total accumulated depreciation of $394,377 as detailed in the PPE Subledger below. Dynamic calculates depreciation to the nearest whole month Description Building Modular Furniture Cost Information Date of Purchase May 2, 2014 May 2, 2014 Depreciation Method S/L S/L Jan. 25, 2017 DOB Cost? Residual Life $730,000 $290,000 10 yr. 100,800 6 yr. 88,000 14,000 8 yr. Truck 1S/L-Straight-Line; DDB-Double-Declining-Balance. Depreciation Balance of Accum. Deprec. Dec. 31, 2019 $249,333 95,200 49,844 2 There have been no disposals or subsequent capital expenditures since the date of purchase. Assume that the only other assets at December 31, 2019, were total current assets of $346,000. Prepare the asset section of Dynamic Exploration's classified balance sheet at December 31, 2019.
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