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At December 31, 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
At December 31, 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. Required: Complete the schedule by calculating depreciation expense for 2020 for each asset and then determining the balance of accumulated depreciation at December 31, 2020. (Do not round intermediate calculations and round the final answers to nearest whole dollar.) Cost Information Depreciation Description Date of Purchase Depreciation Method1 Cost2 Residual Life Balance of Accum. Deprec. Dec. 31, 2019 Depreciation Expense for 2020 Balance of Accum. Deprec. Dec. 31, 2020 S/L $ $ Building Modular Furniture May 2, 2014 May 2, 2014 Jan. 25, 2017 730,000 $ 100,800 S/L 290,000 10 yr. 0 6 yr 14,000 8 yr 249,333 95,200 49,844 Truck DDB 88,000 1S/LStraight-Line; DDB-Double-Declining-Balance. There have been no disposals or betterments since the date of purchase. 2
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