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 $1,500 higher? The total depreciation for this asset now will be $ 52,500 The depreciation amount for Year 3 will be s 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 3. Complete the following sentences about depreciation. 39,675 X. if it has not been removed from service (C) Depreciation measures (B) The balance of the accumulated (A) When a fixed asset is fully depreciated it is kept in the ledger. depreciation account represents the total amount that has been depreciated the transfer of the cost of a fixed asset to expense Feedback Check My Work 1. How is a depreciation estimate revised? 2. Compare an example of each type of journal entry. Feedback Check My Work Partially correct