Highsmith Rental Company purchased an apartment buiding eary in 2018 There are 20 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 Cost Value (in Years) Appliance Stoves Refrigerators 24,e00 8,000 Dishwashers 22,000 7,000 $29,000 2,000 6 In 2021, two new refrigerators costing $3.400 were purchased for cash. The old tefigerators, which oniginally cost $2,900, were sold for $900, 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