At December 31, 2019, Dynamic Exploration?s balance sheet showed total PPE assets of $802,000 and total accumulated depreciation of $339,980 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 (round to the nearest whole dollar).

Analysis Component: The depreciation methods used by Dynamic are not consistent among the building, modular furniture, and truck. Is this in accordance with GAAP? Explain why or why not.

Transcribed Image Text:

Depreciation Cost Information Balance of Accum. Deprec. Expense for Dec. 31, 2019 Balance of Accum. Deprec. Dec. 31, 2020 Depreciation Date of Depreciation' Description Building Cost? Residual Life 2020 Method Purchase May 2, 2014 $650,000 $250,000 10 yr. $226,667 S/L Modular furniture Truck May 2, 2014 Jan. 25, 2017 68,000 45,313 -0- 6 yr. S/L DDB 72,000 10,000 8 yг. 80,000