Highsmith Rental Company purchased an apartment building early in 2013. There are 25 apartments in the building and each is funished with major kitchen appliances. The company has decided to use the group depreciation method for the appliances. The following data are available: esidual Service Life Cost Value (in Years) Stoves$47,000 $ 2,000 Refrigerators 42,000 8,000 Dishwashers 40,000 7,000 6 5 In 2016, five new refrigerators costing $4,300 were purchased for cash. The old refrigerators, which originally cost $4,700, were sold for $1,800 Required: 1. Calculate the group depreciation rate, group life, and depreciation for 2013. (Round the Group depreciation rate to 1 decimal place and Group life to 2 decimal places Group depreciation rate (##) Group life (###) Depreciation for 2013 (Straight Line) years 2. Prepare the journal entries to record the purchase of the new refrigerators and the sale of the old refrigerators. (If no entry is required for a particular event, select No journal entry required" in the first account field.) View transaction list Journal entry worksheet