Highsmith Rental Company purchased an apartment building early 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 (in Years) Appliance Stoves Refrigerators Dishwashers Value $33,000 6,000 1,000 9,000 Cost 28,000 26,000 In 2021, four new refrigerators costing $3,600 were purchased for cash. The old refrigerators, which originally cost $3,300, were sold for $1,100 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 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 2018. (Round "Group depreciation rate" and "Group life" answers to 2 decimal places.) Group depreciation rate Group life Depreciation for 2018 (Straight Line) yea Journal entry worksheet 2 Record the purchase of new refrigerators. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 2 Record the sale of old refrigerators. Note: Enter debits before credits. Event General Journal Debit Credit 2 Record entry Clear entry View general journal