Presented below is information related to Monty Manufacturing Corporation Estimated Salvage Estimated Life (in years) Asset Cost $47,790 39,648 42,480 22,420 27,730 $6,490 5,664 4,248 1,770 2,950 10 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 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Prepare the adjusting entry necessary at the end of the year to record depreciation for the year. (Ifno 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 Prepare the entry to record the sale of asset D for cash of5,664. 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 amour Credit account titles are automatically indented when amount is entered. Do not indent manually. Use Plant Assets related account.) Account Titles and Explanation Credit