At December 31, 2019, Dynamic Exploration's balance sheet showed total PPE assets of $962,600 and total accumulated depr

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At December 31 2019 Dynamic Exploration S Balance Sheet Showed Total Ppe Assets Of 962 600 And Total Accumulated Depr 1 (44.81 KiB) Viewed 44 times

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. Cost Information Depreciation Balance of Accum. Deprec. Depreciation Method Dec. 31, 2019 Description Building Life 10 yr. 5/L Date of Purchase May 2, 2014 May 2, 2014 Jan 25, 2017 Cost? Residual $760,000 $305,000 111,600 91,000 $257,833 105,400 S/L e Modular Furniture Truck 6 yr. DOB 15,500 8 yr. 51,543 1S/L-Straight-Line, DDB-Double-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 $349,000. Prepare the asset section of Dynamic Exploration's 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