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: Service Life (in Years) Residual Value Appliance Stoves Refrigerators 24,000 Dishwashers Cost $2,000 8,000 7,000 $29,000 22,000 4 In 2021, two new refrigerators costing $3,400 were purchased for cash. The old refrigerators, which originally 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. Complete this question by entering your answers in the tabs below. Required Required 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 transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the purchase of new refrigerators. Note: Enter debits before credits. Debit Credit Event General Journal Record entry View general journal Clear entry