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: Appliance Stoves Refrigerators Dishwashers Residual Service Life Cost Value $39,000 $3,000 34,000 4,000 32,000 3,000 (in Years) 6 5 4 In 2024, two new refrigerators costing $3,900 were purchased for cash. In that same year, the old refrigerators, which originally cost $3,900, were sold for $1,400. 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. Required 1 Required 2 Calculate the group depreciation rate, group life, and depreciation for 2021. (Round "Group depreciation rate" and "Group life" answers to 2 decimal places.) Group depreciation rate Group life 96 years Depreciation for 2021 (Straight Line)