You have been hired by Patterson Planning Corp. an events planning company that recently had a nire il 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. Your Schedule A Schedule Schedule 1 16.000 19.030 310125 13.500 2 3600 2.560 2 13.500 2310 4 1.29 13.500 2015 5 404 00 6 7 20 To $13.500 150.000 545,150 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. Asset Description Depreciation Sched Used Asset producing steady events Asset with varit invictime Anoet generating greater revenues in the early years Feedback Check My Work Consider how each type of depreciation is computed 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 B Useful life 5 10.400 x 1.500 A 15,000 Total persing hours 0 10.000 x Feedback 2. For each of the depreciation schedules shown on the Pa information. If an amount box does not require an entry, leave it blank C 10.400 x s 0 Useful Me 0 1,500 Residual value 15,000 Asset cost 10,400 x 0 0 Total operating hours 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 1. How would you adjust Schedule Bif, 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 higher? The total depreciation for this asset now will be 5,000 x. The depreciation amount for Year 3 will be $ 15,000 X 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 canh 3. Complete the following sentences about depreciation (A) When a fixed asset is fully depreciated it is kept in the ledger if it has not been removed from service . (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 fixed asset to expense