Highsmith Rental Company purchased an apartment building early in 2021. 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) Appliance Stoves Refrigerators Dishwashers Cont $23,000 18,000 16,000 Residual Value $5,000 5,000 4,000 In 2024, flve new refrigerators costing $3,100 were purchased for cash. In that same year, the old refrigerators, which originally cost $2,300, were sold for $600. Required: 1. Calculate the group depreciation rate, group life, and depreciation for 2021. 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. onces Required 1 Required 2 Calculate the group depreciation rate, group life, and depreciation for 2021. (Round "Group depreciation rate and Group answers to 2 decimal places.) Group depreciation rate Group life Depreciation for 2021 (Straight Line) Required 2 > Required 1 Required 2 * * * * * * Prepare the journal entries to record the purchase of the new refrigerators and the sale of the old refrigerators. (If no entr 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 General Journal Debit Event Credit View general Journal Record entry Clear entry quired 1 Required 2 epare the journal entries to record the purchase of the new refrigerators and the sale of the old refrigerators. (If no a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the sale of old refrigerators. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general Journal