Mastery Problemt Long-Term Assets: Fiked and Intangible Patterson Planning Corp. You have been hired by Patterson Planning Corpy an events planning company that recently had a fire in which some of the accounting records were darmaged. In reviewing the foxed asset reconds, you find three deprecation schedules that are not labeled. They are listed in the following table. One of the assets has a depreciation rate of 54.30 per hour. Depreciation 1. Determine which depreciation method is shown in each schedule on the Patterson Planning Corp. panel. Then match each schedule to the asset descripkion that best characterizes the type of assets often depreciated using that method. 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. Winal Questions Review the depreciation schedules on the Patterson Pianning Corp. panel, then answer the following questions. 1. How would you adjust Schedule 8 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 $3,000 higher? The total depreciation for this asset now wit be 1 The depreciation amount for Year 3 wili be 1 2. What is the difference between the journal entres for discarding or seiling a fxed asset? The journal entry to differs from the other entry because 3. Complete the following sentences about depreciation. (A) When a fixed abset is fully depreciated it is (B) The balance of the accumulated deprecation account represents (C) Depreciation measures