Patterson Planning Corp Depreciation Final Questions 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 $4.40 per hour Year Schedule A Schedule B Schedule C 1 $6,000.00 2 3,600.00 $10,125.00 13,500.00 $8,800.00 6.600.00 3 2,160.00 13,500.00 7,480.00 4 1.296.00 13.500.00 6,600.00 5 444.00 3.375.00 4,400.00 Patterson Planning Corp. Year Schedule A Schedule B Schedule C 1 $6,000.00 $10,125.00 $8,800.00 2 3,600.00 13,500.00 6,600.00 3 2,160.00 13,500.00 7,480.00 4 1,296.00 13,500.00 6,600.00 5 444.00 3,375.00 4,400.00 6 7,040.00 < 4,840.00 7 8 Total $13,500.00 $54,000.00 $45,760.00 Patterson Planning Corp Depreciation Final Questions Shaded cells have feedback Shaded cells have feedback. Review the depreciation schedules on the Patterson Planning Corp. panel, then answer the following questions. 1. How would you adjust Schedule Bit 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 $1,500 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? Points: 012