Question
At December 31, 2019, Dynamic Explorations balance sheet showed total PPE assets of $1,035,600 and total accumulated depreciation of $448,775 as detailed in the PPE
At December 31, 2019, Dynamic Explorations balance sheet showed total PPE assets of $1,035,600 and total accumulated depreciation of $448,775 as detailed in the PPE Subledger below. Dynamic calculates depreciation to the nearest whole month.
| Cost Information | Depreciation | ||||||||||||||
| Description | Date of Purchase | Depreciation1 Method | Cost2 | Residual | Life | Balance of Accum. Deprec. Dec. 31, 2019 | |||||||||
| Building | May 2, 2014 | S/L | $ | 810,000 | $ | 330,000 | 10 yr. | $ | 272,000 | ||||||
| Modular Furniture | May 2, 2014 | S/L | 129,600 | 0 | 6 yr. | 122,400 | |||||||||
| Truck | Jan.25, 2017 | DDB | 96,000 | 18,000 | 8 yr. | 54,375 | |||||||||
1 S/LStraight-Line; DDBDouble-Declining-Balance. 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 $354,000. Prepare the asset section of Dynamic Explorations classified balance sheet at December 31, 2019.
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Forensic And Investigative Accounting
Authors: D. Larry Crumbley, Lester E. Heitger, G. Stevenson Smith
6th Edition
0808034871, 9780808034872
