Presented below is information related to Crane Manufacturing Corporation. Asset Cost Estimated Salvage Estimated Life (in years) A $40,000 $5,000 10 B 32.000 4,100 9 C 35,000 3.500 9 D 18,000 1,200 7 E 23,000 2.600 (a) Your answer is correct Compute the rate of depreciation per year to be applied to the plant assets under the composite method. (Round answer to 2 decimal place, eg. 4.83%) Composite rate. 1074 (a) Your answer is correct Compute the rate of depreciation per year to be applied to the plant assets under the composite method. (Round answer to 2 decimal place, eg 4.83%) Composite rate (b) eTextbook and Media List of Accounts Your Answer Correct Answer 1074 % Attempts 1 of 4 used Your Answer Correct Answer Your answer is correct. Prepare the adjusting entry necessary at the end of the year to record depreciation for the year. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not Indent manually. Use Plant Assets related account.) Account Titles and Explanation Depreciation Expense Accumulated Depreciation-Plant Assets Debit 15900 Credit 15900 (c) eTextbook and Media List of Accounts Attempts: 4 of 4 used (c) Your answer is partially correct. Prepare the entry to record the sale of asset D for cash of $4,500. It was used for 6 years, and depreciation was entered under the composite method. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically Indented when amount is entered. Do not Indent manually. Use Plant Assets related account.) Account Titles and Explanation Cash Plant Assets Accumulated Depreciation-Plant Assets eTextbook and Media List of Accounts Koninciales Debit 5904 Credit 3600 2304 Attempts: 1 of 4 used Submit