Times TeleCom s PPE Subledger at January 1 2014 appeared as
Times TeleCom’s PPE Subledger at January 1, 2014, appeared as follows:
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1 The company calculates depreciation and amortization to the nearest whole month.
2 S/L = Straight-line; DDB = Double-declining-balance; Units = Units-of-production
3 There were no disposals, revisions, or impairments prior to January 1, 2014.
4 At the beginning of 2014, it was determined that the land and building would be used for five years less than originally estimated due to the need to expand.
5 Actual units produced: 2011, 45,000; 2012, 55,000; 2013, 52,000; 2014, 65,000.
6 Used office equipment and furniture were purchased on April 10, 2014, for a total of \$114,000 at a bankruptcy sale. The appraised value of the office equipment was \$96,000 and of the furniture \$72,000. The old furniture was given to a charitable organization on April 12, 2014.
7 The estimated useful lives and residual values of the April 10 purchases were four years and \$10,000 for the office equipment, and five years and \$4,000 for the furniture. These assets will be depreciated using the DDB method.

Required
a. Complete the PPE Sub ledger; round calculations to the nearest dollar.
b. Using the information from the PPE Sub ledger completed in part (a) and the following December 31, 2014, adjusted account balances, prepare a single-step income statement and statement of changes in equity for the year ended December 31, 2014, along with the December 31, 2014, classified balance sheet: Cash, \$30,000; Accounts Receivable, \$72,000; Prepaid Insurance, \$15,600; Accounts Payable, \$68,000; Unearned Revenue, \$53,800; Notes Payable due in 2017, \$284,000; Susan Times, Capital, \$421,180; Susan Times, Withdrawals, \$204,000; Fees Earned, \$950,000; Salaries Expense, \$294,000; Insurance Expense, \$30,000; Loss on disposal of furniture, \$5,184. Susan Times, the owner, made no investments during2014.
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