Highsmith Rental Company purchased an apartment building early in $2024.$ 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:

Appliance Cost Residual Value Service Life $($in Years$)$

Stoves $ $53,000$ $ $5,0006$

Refrigerators $48,0002,0005$

Dishwashers $46,0001,0004$

In $2027,$ two new refrigerators costing $$4,600$ were purchased for cash. In that same year, the old refrigerators, which originally cost $$5,300,$ were sold for $$2,100.$

Required:

Calculate the group depreciation rate, group life, and depreciation for $2024.$

Prepare the journal entries to record the purchase of the new refrigerators and the sale of the old refrigerators.