mastery problem: long-term assets: fixed and intangible

Mastery Problemi Long-Term Asset Pond and Intangi Patterson Planning Corp You have been hired by Patterson Penning Corp. an event planning company that recently had a fire in which one of the accounting records were domaget. Interviewing the test record you find the depreciation schedules that are not abled. They were in the following tabi. One of the has a depreciation rate of 4:40 per hour Year Schedule A Schedule Schedule 1 36,000 $10,125 39.00 2 3,600 13.500 5,600 3 2,160 13,500 7,460 1.296 13.500 6,600 5 444 3,375 4,400 6 7,040 7 4840 Total $13,500 554,000 546,640 Depreciation 1. Determine wnich deprecation method is shown in each schedule on the Patterson Planning Coro, paned Then match each schedule to the asset description that best choracterizes the type of often deprecated using that method Asset Description Depreciation Schedule Used Asset producing steady reven Asset with variable service time Asset generating greater ret the early years Asset generating greater revenues in the early years 2. For each of the depreciation schedules shown on the Patterson Planning Corp. in the following formation amount or does not remanente Useful life BE dat value Asset cost Total operating hours Final Questions Review the depreciation schedules on the Patterson Planning Corp.panel, then anwer the following questions 1. How would you adjust Schedule at the beginning of Year, there is estimated to leave more years of te remaining, but with a residual value 1000 The total depreciation for this asset now will be e depreciation amount for years 2. What is the difference between the journal entries for discarding or selling a fedet? The journal entry to ditters from the entry because 3. Complete the following sentences about depreciation (A) When a fixed asset is fully deprecated it is Deprecation measures (B) The balance of the acted dereciation de presets