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. 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. 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. 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. higher? The total depreciation for this asset now will be $ The depreciation amount for Year 3 will be $X. 2. What is the difference between the journal entries for discarding or selling a fixed asset? The journal entry to c differs from the other entry because 3. Complete the following sentences about depreciation. (A) When a fixed asset is fully depreciated it is if it has not been removed (B) The balance of the accumulated depreciation account represents the total amount that has been depreciated V. (C) Depreciation measures the transfer of the cost of a fixec