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 Cost $55,000 50,000 48,000 Residual Service Life Value (in Years) $ 4,000 3,000 2,000 in + In 2024, two new refrigerators costing $4,700 were purchased for cash. In that same year, the old refrigerators, which originally cost $5,500, were sold for $2,200. 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 Depreciation for 2021 (Straight Line) years 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 Cost $55,000 50,000 48,000 Residual Service Life Value (in Years) $ 4,000 3,000 2,000 on + In 2024, two new refrigerators costing $4,700 were purchased for cash. In that same year, the old refrigerators, which originally cost $5,500, were sold for $2,200. 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 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.)