Highsmith Rental Company purchased an apartment building early in $2024.$ There are $15$ 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:

In $2027,$ three new refrigerators costing $$4,000$ were purchased for cash. In that same year, the old refrigerators, which originally cost

$$4,100,$ were sold for $$1,500.$

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.

Complete this question by entering your answers in the tabs below.

Required $1$

Required $2$

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

Note: Round "Group depreciation rate" and "Group life" answers to $2$ decimal places.