Presented below is information related to Morrow Manufacturing Corporation. Asset Cost Estimated Salvage Estimated Life (in years) A $59,535 $8,085 10 B 49,392 7,056 9 C 52,920 5,292 8 D 27,930 2,205 7 E 34,545 3,675 6 (a) Compute the rate of depreciation per year to be applied to the plant assets under the composite method. Composite life years ?????? Composite rate 10.98 % (b) Prepare the adjusting entry necessary at the end of the year to record depreciation for the year. Description/Account Debit Credit Depreciation expense-Plant assets 24623 Accumulated depreciation-Plant assets 24623 (c) Prepare the entry to record the sale of fixed asset D for cash of $7,056. It was used for 6 years, and depreciation was entered under the composite method. Description/Account Debit Credit Accumulated depreciation-Plant assets 20874 Cash 7056 Plant assets 27930