Exercise 11-9 (Part Level Submission) Presented below is information related to Pharoah Manufacturing Corporation. Estimated Life (in years) Asset Cost A 10 B 9 $41,715 34,608 37,080 19,570 24,205 Estimated Salvage $5,665 4,944 3,708 1,545 2,575 C 9 D 7 E 6 (a) Your answer is correct. 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 10.68% (b) Prepare the adjusting entry necessary at the end of the year to record depreciation for the year Collapse question part uired, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is encereu. Do not indent manually. Use Plant Assets related account.) Account Titles and Explanation Debit Credit