Highsmith Rental Company purchased an apartment building early in 2021. There are 15 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 Cost $41,000 36,000 34,000 Residual Value $8,000 5,000 4,000 In 2024, three new refrigerators costing $4,000 were purchased for cash. In that same year, the old refrigerators, which originally cost $4,100, were sold for $1,500. 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 years Depreciation for 2021 (Straight Line) Journal entry worksheet 1 2 Record the purchase of new refrigerators. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 2 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