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: Appliance Cost Residual Value Service Life (in Years) Stoves $ 27,000 $ 3,000 6 Refrigerators 22,000 7,000 5 Dishwashers 20,000 6,000 4 In 2021, three new refrigerators costing $3,300 were purchased for cash. The old refrigerators, which originally cost $2,700, were sold for $800. 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.

Check my work 3 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: 10 points Residual Service Life Appliance Stoves Refrigerators Dishwashers Value $27,000 $3,000 7,000 6,000 Cost (in Years) 22,000 20,000 eBook Hint Print In 2021, three new refrigerators costing $3,300 were purchased for cash. The old refrigerators, which originally cost $2,700, were sold for $800 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. Check my work 3 Complete this question by entering your answers in the tabs below Required 1 Required 2 10 points Calculate the group depreciation rate, group life, and depreciation for 2018. (Round "Group depreciation rate" and "Group life" answers to 2 decimal places.) eBook Hint Print References Group depreciation rate years Group life Depreciation for 2018 (Straight Line) Check my work 3 Complete this question by entering your answers in the tabs below Required Required 2 10 points 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.) eBook Hint Print References View transaction list View journal entry worksheet No Event General Journal Debit Credit Refrigerators Cash K Required 1 Required 2