L020 composite depreciation ur decimals (based on cost) and the composite life. California Utilities owns a power plant that Exercise 12-59 Recording Entries Using Composite consists of the following assets, all acquired on January 1, 2020. Cost Estimated Residual Value Estimated Life (Years) Depreciation Method L03 300,000 $10,000 0 5,000 Machinery 95,000 50,000 30 10 Required a. Compute the total straight-line depreciation for 2020 on all items combined. b. Compute the composite depreciation rate rounded to two decimals (based on cost) and the composite life of the plant. c. Provide the entry to record 2020 composite depreciation d. Assume that all of the Other equipment was sold in 2023 for $6,000 cash. Prepare the entry for the sale of that equipment