Presented below is information related to Gant Manufacturing Corporation.

Instructions
(a) Compute the rate of depreciation per year to be applied to the plant assets under the composite method.
(b) Prepare the adjusting entry necessary at the end of the year to record depreciation for the year.
(c) Prepare the entry to record the sale of asset D for cash of $14,400. It was used for 6 years, and depreciation was entered under the compositemethod.

Transcribed Image Text:

Cost Estimated Salvage $121,500 100,800 108,000 57,000 70,500 $16,500 14,400 10,800 4,500 7,500 Estimated Life (in years) 10 9 9 6