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At December 31, 2019, Dynamic Exploration's balance sheet showed total PPE assets of $1,021,000 and total accumulated depreciation of $441,976 as detailed in the
At December 31, 2019, Dynamic Exploration's balance sheet showed total PPE assets of $1,021,000 and total accumulated depreciation of $441,976 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 Balance of Life Accum Depree. Dec. 31, 2019 Depreciation Expense for 2020 Balance of Accum. Deprec Dec. 31, 2020 Building May 2, 2014 S/L $ 800,000 $ Modular Furniture May 2, 2014 SAL Truck Jan 25, 2017 DDB 126,000 95,000 325,000 10 yr $ 06yt 17,500 8 yr 269,167 119,000 53,809 1S/L-Straight-Line: DDB-Double-Declining-Balance. 2 There have been no disposals or betterments since the date of purchase.
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