Exercise 11-9 Presented below is information related to Ivanhoe Manufacturing Corporation Estimated Estimated Life (in years) Cost $44,550 $6,050 5,280 3,960 1,650 2,750 10 36,960 39,600 20,900 25,850 Compute the rate of depreciation per year to be applied to the plant assets under the composite method. (Round answer to 2 decimal place, eg. 4.83%.) Composite rate SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO TEXT 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 SHOW LIST OF ACCOUNTS SHOW ANSWER LINK TO TEXT LINK TO TEXT Prepare the entry to record the sale of asset D for cash of $5,280. 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.) Debit Account Titles and Explanation Click if you would like to Show Work for this question: Open Show Work