Highsmith Rental Company purchased an apartment building early in 2021. There are 15 apartments in the bullding and each is furnished with major kitchen appliances. The company has decided to use the group depreclation method for the appliances. The following data are avallable: In 2024, four new refrigerators costing $3,200 were purchased for cash. In that same year, the old refrigerators, which originally cost $2,500, were sold for $700. Required: 1. Calculate the group depreclation rate, group Iffe, and depreclation for 2021. 2. Prepare the journal entrles 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. Calculate the group depreciation rate, group life, and depreciation for 2021 . (Round "Group depreciation rate" and "Group life" answers to 2 decimal places.) Journal entry worksheet Record the purchase of new refrigerators. Note: Enter debits before credits. Journal entry worksheet Note: Enter debits before credits