Presented below is information related to Morrow Manufacturing Corporation. Asset Cost Estimated Salvage Estimated Life (in years) A $40,500 $5,500 10 B 33,600 4,800 9 C 36,000 3,600 8 D 19,000 1,500 7 E 23,500 2,500 6 (a) Compute the rate of depreciation per year to be applied to the plant assets under the composite method. (Round answers to 2 decimal places, i.e. 12.25.) Composite life years Composite rate % (b) Prepare the adjusting entry necessary at the end of the year to record depreciation for the year