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Recording Entries Using Composite Depreciation Method

California Utilities owns a power plant that consists of the following assets, all acquired on January $1.$

$\backslash$table$[[$Asset$,$Cost,$\backslash$table$[[$Estimated$],[$Residual Value$]],\backslash$table$[[$Estimated$],[$Life $($Years$)]]],[$Building$,$$$720,000,$$$24,000,30],[$Machinery$,228,000,0,10],[$Other equipment,$120,000,12,000,6]]$

Required

a$.$ Compute the total straight$-$line depreciation for the first year on all items combined.

b$.$ Compute the composite depreciation rate $($based on cost$)$ and the composite life.

c$.$ Provide the entry to record composite depreciation for the first year.

d$.$ Assume that all of the Other equipment was sold three years later for $$14,400$ cash. Prepare the entry for the sale of that equipment.

Note: Round answers to the nearest whole dollar.

a$.$

$\backslash$table$[[$Building$,$$$,720,000$