Highsmith Rental Company purchased an apartment building early in 2021. There are 25 apartments in the building and each furnished with major kitchen appliances. The company has decided to use the group depreciation method for the appliances. following data are available: Appliance Stoves Refrigerators Dishwashers Cost $ 47,000 42,000 40,000 Residual Value $2,000 8,000 7,000 Service Life (in Years) 6 5 4 In 2024, five new refrigerators costing $4,300 were purchased for cash. In that same year, the old refrigerators, which originall $4,700, were sold for $1,800. 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