Chapter 9 Mastery Problems Calculator E Print Item cm Tomy vor. You have been hired by Patterson Planning Corp., an events planning company that recently had a fire in which some of the accounting records were damaged. In reviewing the fixed asset records, you find three depreciation schedules that are not labeled. They are listed in the following table. One of the assets has a depreciation rate of $4.50 per hour. Year Schedule A Schedule B Schedule C 2 4,800.00 2.880.00 $10,125.00 13,500.00 13,500.00 13,500.00 3,375.00 $9,450.00 6,750.00 7,650.00 6,750.00 1,728.00 592.00 4,500.00 7,200.00 4,950.00 Total $18,000.00 $54,000.00 $47,250.00 Depreciation Shaded cells have feedback. 1. Determine which depreciation method is shown in each schedule on the Patterson Planning Corp. panel. Then match each schedule to the asset description that best characterizes the type of assets often depreciated using that method. Chapter 9 Mastery Problems Calculator Print Item Depreciation Shaded cells have feedback. 1. Determine which depreciation method is shown in each schedule on the Patterson Planning Corp. panel. Then match each schedule to the asset description that best characterizes the type of assets often depreciated using that method. Asset Description Depreciation Schedule Used Asset with variable in-service time B X Asset generating greater revenues in the early years Asset producing steady revenues C X Points: 1/3 Feedback Check My Work 1. Consider how each type of depreciation is computed. Screenshot saved The screenshot was added to your OneDrive. OneDrive 2. For each of the depreciation schedules shown on the Patterson Planning Corp. panel, fill in the following information. Leave any cells blank that cannot annoLoS OCCASIONS. Chapter 9 Mastery Problems Calculator Print Item 2. For each of the depreciation schedules shown on the Patterson Planning Corp. panel, fill in the following information. Leave any cells blank that cannot be determined from the depreciation schedule. Useful life 4* 5* 7* Residual value Asset cost $20,000 $ $ Total operating hours Points: 7/12 Feedback Check My Work 2. Think about how depreciation is computed under each method. Final Questions Shaded cells have feedback. Review the depreciation schedules on the Patterson Planning Corp. panel, then answer the following questions. 1. How would you adjust Schedule B if, at the beginning of Year 3, the asset was estimated to have 5 more years of life remaining, but with a residual value that was $1,500 higher? Review the depreciation schedules on the Paterson Planung Corp. parcer, then answer the Tontowing questions, 1. How would you adjust Schedule B if, at the beginning of Year 3 the asset was estimated to have 5 more years of life remaining, but with a residual value that was $1,500 higher? The total depreciation for this asset now will be $ The depreciation amount for Year 3 will be $ Is Points: 012 2. What is the difference between the journal entries for discarding or selling a fixed asset? The journal entry to discard a fixed asset differs from the other entry because a sale will involve a gain Points: 0/2 3. Complete the following sentences about depreciation. (B) The balance of the Accumulated Depreciation account (A) When a fixed asset is fully depreciated it is discarded represents the total amount that has been depreciated the expected service life of a fixed asset it is no longer useful . (C) Depreciation measures Points: 0/4 Feedback Check My Work
