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 $4.3 per hour. Year Schedule A Schedule B Schedule C 1 $6,000.00 $10,125.00 $9,890.00 2 3,600.00 13,500.00 6,450.00 3 2.160.00 13.500.00 7.310.00 4 1,296.00 13,500.00 6,450.00 5. 444.00 3,375.00 4,300.00 6 6.880.00 7 4,730.00 8. Total $13,500.00 $54,000.00 $46,010.00 blems Patterson Planning Corp. Depreciation Final Questions Depreciation Feedback Shaded cells have feedback. Points 13/3 2. For each of the depreciation schedules shown on the Patterson Planning Corp panel, fill in the following information. Leave any cells blank that cannot be determined from the depreciation schedule Useful ite Residual value $1,500 1 Asset cost $15,000 S Total operating hours Feedback B C Points 8/12 Mastery Problem: Long-Term Assets: Fixed and Intangible Patterson Planning Corp. Depreciation Final Questions Final Questions Review the depreciation schedules on the Patterson Planning Corp. panel, then answer the following questions. Shaded cells have feedback 1. How would you adjust Schedule B it, 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 $2,500 lower? The depreciation amount for Year 3 will be The total depreciation for this asset now will be 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 Points: 10/2 Points 2/2 3. Complete the following sentences about depreciation (B) The balance of the Accumulated Depreciation account (A) When a fixed asset is fully depreciated it is kept in the ledger if it has not been removed from service resents the total amount that has been depreciated Denariation measures the transfer of the cost of a fread asset to ana Check My Work