A schedule of machinery owned by Tara Corporation is presented below:

EstimatedEstimated

Machine CostSalvage Value Useful Life

X$600,000$40,00014 years

Y$800,000$80,00010 years

Z$300,000$60,0006 years

Required:

(a) Calculate the composite rate of depreciation rate for these assets.

(b) Calculate the composite life in years for these assets.

(c) Assume that Machine Z was sold for $250,000 on December 31, 2019.Prepare the journal entry to

record the sale.