At December 31, 2019, Dynamic Exploration's balance sheet showed total PPE assets of $875,000 and total accumulated depr

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At December 31 2019 Dynamic Exploration S Balance Sheet Showed Total Ppe Assets Of 875 000 And Total Accumulated Depr 1 (260.9 KiB) Viewed 15 times

At December 31, 2019, Dynamic Exploration's balance sheet showed total PPE assets of $875,000 and total accumulated depreciation of $373,978 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.) Description Building Modular Furniture Truck Date of Purchase May 2, 2014 May 2, 2014 Jan. 25, 2017 Cost Information Depreciation Method1 S/L S/L DDB Cost2 $ 700,000 $ 90,000 85,000 Residual Life 275,000 10 yr. 06 yr 12,500 8 yr. 1S/L-Straight-Line; DDB-Double-Declining-Balance. 2 There have been no disposals or betterments since the date of purchase. Balance of Accum. Deprec. Dec. 31, 2019 $ 240,833 85,000 48,145 Depreciation Depreciation Expense for 2020 Balance of Accum. Deprec. Dec. 31, 2020