how would you adjust schedule b if beginning of year 3 the asset was estimated to have 5 more years of life remaining but with a residual value that was 2000 higher ? the total depreciation for this asset now will be $52000 the depreciation amount for year 3 will be $

Mastery Problem: Long-Term Assets: Fixed and Intangible Patterson Planning Corp You have been hired by Pattterson 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 $12,000 $10,125 $9,890 7,200 13,500 6,450 4,320 13,500 7,310 4 2,592 13,500 6,450 888 3,375 4,300 6 6,880 7 4,730 8 $46,010 $27,000 $54,000 Total 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 that best characterizes the type of assets often depreciated using that method. Depreciation Schedule Used Asset Description BV Asset producing steady revenues 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 it blank A Useful life 4 10,700 Residual value Asset cost 30,000 0 Total operating hours 10,700 Feedback TOheck 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 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 $2,000 higher? The depreciation amount for Year 3 will be X 52,000 The total depreciation for this asset now will be s 2. What is the difference between the journal entries for discarding or selling a fixed asset? differs from the other entry because there is no receipt of cash The journal entry to discard a fixed asset 3. Complete the following sentences about depreciation