Ca cu ator Mastery Problem: Long-Term Assets: Fixed and Intangible 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 depreciation schedules that are not labeled. They are listed in the following table. One of the assets has a depreciation rate of $4.30 per hour. Year Schedule A Schedule B Schedule C 1 $6,000 $10,125 $9,030 3,600 13,500 6,450 2,160 13,500 7,310 1,296 13,500 6,450 444 3,375 4,300 6,880 4,730 ow 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 to the asset description the best characterizes the type of assets often depreciated using that method. Asset Description Depreciation Schedule Used Check My Work Check My Work All work saved Email Instructor Save and Ex Save and Exit Email Instructor Submit Assignment for All work saved Satomi asigoment for G LUCASSIN SUSSIOnLocator=&inprogress=false Calculator Feedback Check My Work Consider how each type of depreciation is computed. 2. 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 blank. Useful life Residual value Asset cost Total operating hours Feedback Check My Work Think about how depreciation is computed under each method Final Questions Review the depreciation schedules on the Patterson Planning Corp. panel, then answer the following questions Check My Work Submit Assignment for Grading All work saved All work saved Email Instructor Save and Exe Submit assignmen now Feedback Check My Work Think about how depreciation is computed under each method. Final Questions Review the depreciation schedules on the Patterson Planning Corp, panel, then answer the following questions 1. How would you adjust Schedule Bif, at the beginning of Year 3, the asset was estimated to have $2,000 higher? life remaining, but with a residual value that wa S 232 The total depreciation for this asset now will be $ . The depreciation amount for Year 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 there is no receipt of cash (B) The balance of the accumulated 3. Complete the following sentences about depreciation. (A) When a fixed asset is fully deprecated it is kept in the ledger i t has not been removed from service depreciation account represents the total amount that has been deprecated (C) Depreciation measures the transfer of the cost of a fixed asset to expense , Check My Work Email Instructor Save and Edt Submit Assignment for Grad MacBook Air