Exercise 11-13 Group depreciation [LO11-2] Highsmith Rental Company purchased an apartment building early in 2018. There are 25 apartments in the building and each is furnished with major kitchen appliances. The company has decided to use the group depreciation method for the appliances. The following data are available Residual Service Life Appliance Stoves Refrigerators Dishwashers (in Years) Value $53,000 $5,000 2,000 1,000 Cost 48,000 46,000 In 2021, two new refrigerators costing $4,600 were purchased for cash. The old refrigerators, which originally cost $5,300, were sold for $2,100 Required: 1. Calculate the group depreciation rate, group life, and depreciation for 2018 2. Prepare the journal entries to record the purchase of the new refrigerators and the sale of the old refrigerators