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At December 31, 2019, Dynamic Exploration's balance sheet showed total PPE assets of $962,600 and total accumulated depreciation of $414,776 as detailed in the
At December 31, 2019, Dynamic Exploration's balance sheet showed total PPE assets of $962,600 and total accumulated depreciation of $414,776 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 Balance of Description Date of Purchase Cost2 Method1 Residual Life Accum. Deprec. Dec. 31, 2019 Depreciation Depreciation Expense for 2020 Balance of Accum. Deprec. Dec. 31, 2020 Building Modular Furniture Truck May 2, 2014 May 2, 2014 S/L $ 760,000 $ 305,000 10 yr. $ 257,833 S/L 111,600 Jan. 25, 2017 DDB 91,000 0 6 yr 15,500 8 yr. 105,400 51,543 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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