At December 31, 2019, Dynamic Explorations balance sheet showed total PPE assets of $1,050,200 and...
80.2K
Verified Solution
Link Copied!
Question
Accounting
At December 31, 2019, Dynamic Explorations balance sheet showed total PPE assets of $1,050,200 and total accumulated depreciation of $455,574 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.)
1 S/LStraight-Line; DDBDouble-Declining-Balance. 2There have been no disposals or betterments since the date of purchase.
Cost Information Depreciation Description Date of Purchase Depreciation Method1 Cost2 Residual Life Balance of Depreciation Accum. Deprec. Expense for Dec. 31, 2019 2020 Balance of Accum. Deprec. Dec. 31, 2020 S/L $ Building Modular Furniture 820,000 $ $ May 2, 2014 May 2, 2014 Jan. 25, 2017 S/L 335,000 10 yr. 0 6 yr 18,500 8 yr 133,200 97,000 274,833 125,800 54,941 Truck DDB
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
