At December 31, 2019, Dynamic Explorations balance sheet showed total PPE assets of $1,079,400 and total accumulated depreciation of $469,174 as detailed in the PPE Subledger below Dynamic calculates depreciation to the nearest whole month Cost Information Depreciation Description Date of Purchase Depreciation 1 Method Cost 2 Residual Life Balance of Accum Deprec Dec 31, 2019 Building May 2, 2014 S L $ 840,000 $ 345,000 10 yr $ 280,500 Modular Furniture May 2, 2014 S L 140,400 0 6 yr 132,600 Truck Jan 25, 2017 DDB 99,000 19,500 8 yr 56,074 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 $357,000 Prepare the asset section of Dynamic Explorations classified balance sheet at December 31, 2019 DYNAMIC EXPLORATION Partial Balance Sheet December 31, 2019 Assets Current assets Property, plant and equipment Furniture Less Accumulated depreciation Building Less Accumulated depreciation Truck Less Accumulated depreciation Total property, plant and equipment Total assets $ 0 $ 0 Next

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At December 31, 2019, Dynamic Explorations balance sheet showed total PPE assets of $1,079,400 and total accumulated depreciation of $469,174 as detailed in the PPE

At December 31, 2019, Dynamic Explorations balance sheet showed total PPE assets of $1,079,400 and total accumulated depreciation of $469,174 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

840,000

345,000

10 yr.

280,500

Modular Furniture

May 2, 2014

S/L

140,400

6 yr.

132,600

Truck

Jan.25, 2017

DDB

99,000

19,500

8 yr.

56,074

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 $357,000. Prepare the asset section of Dynamic Explorations classified balance sheet at December 31, 2019.

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DYNAMIC EXPLORATION Partial Balance Sheet December 31, 2019 Assets Current assets Property, plant and equipment: Furniture Less: Accumulated depreciation Building Less: Accumulated depreciation Truck Less: Accumulated depreciation Total property, plant and equipment Total assets $ 0 $ 0 Next >