amic Exploration's balance sheet showed total PPE assets of $948,000 and total accumulated sepreciati of $407,977 as detailed in the PPE Subledger below. Dynamic calculates depreciation to the nearest whole month. Required: Complete the schedule by calculating depreciation expense for 2023 for each asset and then determining the balance of accumulated. depreciation at December 31, 2023. (Do not round intermediate calculations and round the final answers to nearest whole dollar.) Description Building Modular Furniture Truck Date of Purchase May 2, 2017 May 2, 2017 Jan 25, 2020 1 Cost Information Depreciation Method SL SA DDB Cost2 S 750,000 $ 108.000 90,000 Balance of Residual Life Accum. Deprec. Dec. 31, 2022 300,000 10 yr 06 yr 15,000 8 yr S 255,000 102,000 50,077 Depreciation Depreciation Expense for 2023 Balance of Accum. Deprec. Dec. 31, 2023

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Depreciation Methods

The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.

Depreciation Accounting

In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.