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 $4.40 per hour. Year Schedule A Schedule B Schedule C 1 $10,000 $10,125 $10,120 2 6,000 13,500 6,600 W 3,600 13,500 7,480 4 2,160 13,500 6,600 740 3,375 4,400 7,040 4,840 8 Total $22,500 $54,000 $47,080 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 Schedule Used Asset producing steady revenues B Asset with variable in-service time Asset generating greater revenues in the early years2. 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 C Useful life 5 4 Residual value O Asset cost X $ O 0 Total operating hours 0 V 0 XFinal Questions 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 $2,00 higher? The total depreciation for this asset now will be $ X . The depreciation amount for Year 3 will be $ X