You have been hired by Patterson Planning Corp., an events planning company that recently had a...

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

The systematic periodic transfer of the cost of a fixed asset to an expense account during its expected useful life.

schedules that are not labeled. They are listed in the following table. One of the assets has a depreciation rate of $4.50 per hour.

Year	Schedule A	Schedule B	Schedule C
1	$8,000.00	$10,125.00	$9,450.00
2	4,800.00	13,500.00	6,750.00
3	2,880.00	13,500.00	7,650.00
4	1,728.00	13,500.00	6,750.00
5	592.00	3,375.00	4,500.00
6			7,200.00
7			4,950.00
8
Total	$18,000.00	$54,000.00	$47,250.00

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.

	A	B	C
Useful life
Residual value The estimated value of a fixed asset at the end of its useful life.
Asset cost
Total operating hours

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 $2,000 lower?

The total depreciation for this asset now will be $__________ . The depreciation amount for Year 3 will be $_______

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ekkarill92 answered 1 month ago

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