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 $4.40 per hour. Year Schedule A Schedule B Schedule C 1 $10,000 $10,125 $9,240 2 6,000 13,500 6,600 3 3,600 13,500 7,480 4 2,160 13,500 6,600 5 740 3,375 4,400 6 7,040 7 4,840 8 Total $22,500 $54,000 $46,200 For each of the depreciation schedules shown on the Patterson Planning Corp., fill in the following information. If an amount box does not require an entry, leave it blank. A Useful life 5 4 fill in the blank Residual value $fill in the blank 0 0 Asset cost 25000 0 0 Total operating hours 0 0 fill in the blank 0 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 $2,500 higher? The total depreciation for this asset now will be _______________________. The depreciation amount for Year 3 will be _________________________
Patterson Planning Corp.,
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
| Year | Schedule A | Schedule B | Schedule C | ||||||
| 1 | $10,000 | $10,125 | $9,240 | ||||||
| 2 | 6,000 | 13,500 | 6,600 | ||||||
| 3 | 3,600 | 13,500 | 7,480 | ||||||
| 4 | 2,160 | 13,500 | 6,600 | ||||||
| 5 | 740 | 3,375 | 4,400 | ||||||
| 6 | 7,040 | ||||||||
| 7 | 4,840 | ||||||||
| 8 | |||||||||
| Total | $22,500 | $54,000 | $46,200 |
For each of the depreciation schedules shown on the Patterson Planning Corp., fill in the following information. If an amount box does not require an entry, leave it blank.
| A | |||||||||
| Useful life | 5 | 4 | fill in the blank | ||||||
| Residual value | $fill in the blank | 0 | 0 | ||||||
| Asset cost | 25000 | 0 | 0 | ||||||
| Total operating hours | 0 | 0 | fill in the blank 0 |
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 $2,500 higher?
The total depreciation for this asset now will be _______________________. The depreciation amount for Year 3 will be _________________________
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The graph was not completed, For each of the
| A | B | C | |
| Useful Life | 5 | 4 | ??? |
| Residual Value | ????? | 0 | 0 |
| Asset Cost | 25,000 | 0 | 0 |
| Total Operating Hours | 0 | 0 | ??? |
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