d. C. b. California Utilities owns a power plant that consists of the following assets, all acquired on January 1. Estimated Estimated Residual Value Life (Years) Asset Building Machinery Cost $780,000 247,000 $26,000 30 0 10 Other equipment 130,000 13.000 6 Required a. Compute the total straight-line depreciation for the first year on all items combined. b. Compute the composite depreciation rate (based on cost) and the composite life. c. Provide the entry to record composite depreciation for the first year. d. Assume that all of the Other equipment was sold three years later for $15,600 cash. Prepare the entry for the sale of that equipment. Note: Round answers to the nearest whole dollar. a. Straight-Line Depreciation Expense Building Machinery Other Equipment Total depreciation expense for Year 1 S 0 0 0 S 0 Numerator Denominator Composite depreciation rate $ Composite life (in years) $ 0 / $ 0 / $ 0 0 = Composite depreciation rate x Date Dec. 31, Year 1 Date Dec. 31, Year 3 0.0600 x 5 Account Name To record composite depreciation. Account Name To record sale of equipment. Year 1 Depreciation Exp. 0 = 0 > > > < < Dr. 0 OO Cr. Dr. Cr. 000 000 0 OO