Presented below is information related to Kingbird Manufacturing Corporation.

Asset		Cost		Estimated Salvage				Estimated Life (in years)
A		$46,100			$5,700				10
B		32,500			4,600				9
C		36,400			4,000				9
D		19,900			1,700				7
E		23,400			3,600				6

New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is incorrect.

Compute the rate of depreciation per year to be applied to the plant assets under the composite method. (Round answer to 2 decimal place, e.g. 4.83%.)

Composite rate

enter the composite rate in percentages rounded to 2 decimal places

%

eTextbook and Media

List of Accounts

New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is partially 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 0 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	Debit	Credit
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount

eTextbook and Media

List of Accounts

Partially correct answer iconYour 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 0 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	Debit	Credit
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount