Question
Complete the schedule by calculating depreciation expense for 2020 for each asset and then determining the balance of accumulated depreciation at December 31, 2020.
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 Depreciation Description Date of Purchase Depreciation Method1 Cost2 Building May 2, 2014 S/L $ 670,000 $ 260,000 10 yr. Residual Life Accum. Deprec. Dec. 31, 2019. $ Expense for 2020 Balance of Accum. Deprec Dec. 31, 2020 232,333 Modular Furniture May 2, 2014 S/L 79,200 Truck Jan. 25, 2017 DDB 82,000 06 yr 11,000 8 yr. 74,800 46,445 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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