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 Life Cost Value (Years) Building $300,000 $10,000 30 Machinery 95,000 0 10 Other equipment 50,000 5,000 6 a. Compute the total straight-line depreciation for 2020 on all items combined. Note: Round answers to the nearest whole dollar. Total depreciation expense for 2020 $ 26,667 b. Compute the composite depreciation rate (based on cost) and the composite life of the plant. Note: Enter the answers rounded to two digits after the decimal; for example, enter 1.42 for 1.424, or 1.43 for 1.425. Composite depreciation rate Composite life 6.2 x 16.13 c. Provide the entry to record 2020 composite depreciation. Date Dec. 31, 2020 Depreciation Expense Account Name Accumulated Depreciation " Dr. Cr. 26,667 0 0 26,667