Presented below is information related to Novak Manufacturing Corporation. Compute the rate of depreciation per year to be applied to the plant assets under the composite method. (Round answer to 2 decimal ploce, es. 4.83\%.) Composite rate % Your answer is 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 O for the amounts. Credit account titles are outomatically indented when amount is entered. Do not indent manually. Use Plont Assets related account. List debit entry before credit entry) Prepare the entry to record the sale of asset D for cash of $5,200. 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 occount titles are outomotically indented when amount is entered. Do not indent manually. Use Plant Assets related account. List all debit entries before credit entries.)