Accumulated Depreciation-Building Accumulated Depreciation-Equipment Accumulated Depreciation-Machinery Accumulated Depreciation-Plant Assets Accumulated Depreciation-Trucks Buildings Cash Coal Mine Depreciation Expense Equipment Gain on Disposal of Machinery Inventory Loss on Disposal of Plant Assets Loss on Impairment Machinery Maintenance and Repairs Expense No Entry Paid-in Capital in Excess of Par - Common Stock Plant Assets Recovery of Loss from Impairment Retained Earnings Trucks

Exercise 11-9 Presented below is information related to Monty Manufacturing Corporation Estimated Salvage Estimated Life (in years) Asset Cost $6,105 5,328 3,996 1,665 2,775 10 $44,955 37,296 39,960 21,090 26,085 Compute the rate of depreciation per year to be applied to the plant assets under the composite method. (Round answer to 2 decimal place,e.g 4.83%.) Composite rate Prepare the adjusting entry necessary at the end of the year to record depreciation for the year. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Use Plant Assets related account.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Prepare the entry to record the sale of asset D for cash of $5,328. It was used for 6 years, and depreciation was entered under the composite method. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Use Plant Assets related account.) Credit Account Titles and Explanation Debit