Compsite rate amd journal

Presented below is information related to Novak Manufacturing Corporation. Estimated Salvage Estimated Life (in years) Asset Cost $44,900 $6,200 33,200 4,400 35,700 3,300 19,800 2,300 24,500 3,200 Compute the rate of depreciation per year to be applied to the plant assets under the composite method (Round answer to 2 decimal place, eg. 4.83%) Composite rate e Textbook and Media List of Accounts Your answer is partially correct. 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 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 Depreciation Expense Accumulated Depreciation Plant Assets