A You have been hired by Patterson Planning Corp., an events planning company that recently had a fire in which some of the acco were damaged. In reviewing the fixed asset records, you find three depreciation schedules that are not labeled. They are listed in the following ta assets has a depreciation rate of $4.30 per hour. Year Schedule A Schedule B Schedule C 1 $6,000 $10,125 $9,030 2 3,600 13,500 6,450 3 2,160 13,500 7,310 4 1,296 13,500 6,450 5 4441 3,375 4,300 6 6,880 7 4,730 8 Total $13,500 $54,000 $45,150 Depreciation 1. Determine which depreciation method is shown in each schedule on the Patterson Planning Corp. panel. Then match each schedule t asset description that best characterizes the type of assets often depreciated using that method. 2. For each of the depreciation schedules shown on the Patterson Planning Corp., fill in the following informa require an entry, leave it blank. Useful life Residual value Asset cost Total operating hours A B 0000 0000 E Final Questions 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 residual value that was $2,000 higher? The total depreciation for this asset now will be s The depreciation amount for Year 3 will be $ 2. What is the difference between the journal entries for discarding or selling a fixed asset? The journal entry to differs from the other entry because 3. Complete the following sentences about depreciation. (A) When a fixed asset is fully depreciated it is depreciation account represents ( (B) The balance of the accumulated (C) Depreciation measures) A more Chark My Work uses remaining