Estimated Estimated Machine X Cost $600,000 Salvage Value Useful Life $40,000 14 years Y $800,000 $80,000...

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Estimated Estimated Machine X Cost $600,000 Salvage Value Useful Life $40,000 14 years Y $800,000 $80,000 10 years Z $300,000 $60,000 6 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, 2018. Prepare the journal entry to record the sale. Estimated Estimated Machine X Cost $600,000 Salvage Value Useful Life $40,000 14 years Y $800,000 $80,000 10 years Z $300,000 $60,000 6 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, 2018. Prepare the journal entry to record the sale.