Below is a client prepared schedule that captures fixed assets and accumulated depreciation for the Rock View Corporation, and for which Molly Giles has completed audit work.

Required:

List the deficiencies in this working paper.

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Schedule Prepared by Client Rock View Corporation Fixed Assets and Accumulated Depreciation December 31, 1999 E2 Fixed Assets Final Balance 12-31-98 Additions Land $ 657,908# $24,965 E6 Adjusted Retired/ Balance Adjust./ Balance Disposed 12-31-99 Reclass. 12-31-99 $110,000 $572,873 $21,000 $ 593,873 Buildings 989,602# E6 46,000 Machinery/ Equipment 456,239# 55,000 & Trucks 129,560# 943,602 511,239 129,560 943,602 511,239 129,560 $2,233,309 $79,965 $156,000 $2,157,274 $21,000 $2,178,274 Accumulated Depreciation Final Balance 12-31-98 Adjusted Expense Retired/ Balance Adjust. Balance Disposed 12-31-99 Reclass. 12-31-99 Buildings Machinery/ $ 345,876# $ 78,453 @ $424,329 $424,329 Equipment 128,452# Trucks 42,493# 34,983 @ 12,873 @ 163,435 163,435 55,366 55,366 $643,130 $643,130 $516,821 $ 126,309 # Agreed to prior year working papers. & Observed new machine on plant floor. @Agreed to client depreciation spreadsheet.