Presented below is information related to Indigo Manufacturing Corporation Estimated Life (in years) Estimated Salvage Asset Cost $41,715 10 $5,665 4,944 3,708 1,545 2,575 34,608 37,080 19,570 24,205 9 Your answer is incorrect. Try again 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 10.36 Your answer is partially correct. Try again 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 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually, Use Plant Assets related account.) Debit Account Titles and Explanation Credit 16289 reciation Expens Accumulated Depreciation-Equipment 16289