Question 1 Not complete Marked out of 17.00 P Rag question Recording Entries Using Composite Depreciation Method California Utilities owns a power plant that consists of the following assets, all acquired on January 1, 2020, Estimated Estimated Residual Uite Cost Value (Years) Building $120.000 $4000 30 Machinery 38,000 10 Other equipment 20.000 2000 5 a. Compute the total straight-line depreciation for 2020 on all items combined Total depreciation expense for 2020 S b. Compute the composite depreciation rate (based on cost) and the composite life of the plant. Note: Round both amounts to two decimals. Composite depreciation rate Composite lite c. Provide the entry to record 2020 composite depreciation Account Name Dr. Cr. Date Dec 31, 2020 d. Assume that all of the other equipment was sold in 2023 for 52.400 cash. Prepare the entry for the sale of that equipment. Account Name Dec 31, 2023 Cash Date DE Check