At December 31, 2022, 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 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 Cost Information. Depreciation Method1 S/L S/L DDB Cost2 $ 650,000 $ 72,000 80,000 Residual Life 250,000 10 yr. 0 6 yr. 10,000 8 yr Balance of Accum. Deprec. Dec. 31, 2022 $ Depreciation Depreciation Expense for 2023 226,667 $ 68,000 45,313 12,000 Balance of Accum. Deprec. Dec. 31, 2023

At December 31, 2022, 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 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 Cost Information. Depreciation Method1 S/L S/L DDB Cost2 $ 650,000 $ 72,000 80,000 Residual Life 250,000 10 yr. 0 6 yr. 10,000 8 yr Balance of Accum. Deprec. Dec. 31, 2022 $ Depreciation Depreciation Expense for 2023 226,667 $ 68,000 45,313 12,000 Balance of Accum. Deprec. Dec. 31, 2023

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Description: At December 31, 2022, Dynamic Exploration's balance sheet showed total PPE assets of $802,000 and total accumulated depreciationof $339,980 as detailed in the PPE subledger below. Dynamic calculates depreciation to the nearest whole month.Required:C

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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