Exercise 11-9 (Part Level Submission) Presented below is information related to Pharoah Manufacturing Corporation. Estimated Salvage Estimated Life (in years) Asset Cost A 10 B 9 $41,715 34,608 37,080 19,570 24,205 $5,665 4,944 3,708 1,545 2,575 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 10.681 % (b) Your answer is 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 0 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 Debit Credit Depreciation Expense 16789 Accumulated Depreciation-Plant Assets 16789 (c) Prepare the entry to record the sale of asset D for cash of $4,944. It was used for 6 years, and depreciation was entered under the composite method. (If no entry is required, select "No entry" for the account titles and enter o 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 Debit Credit