Recording Entries Using Composite Depreciation Method California Utilities owns a power plant that consists of the following assets, all acquired on January 1. 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 $10,800 cash. Prepare the entry for the sale of that equipment. Note: Round answers to the nearest whole dollar. a. b. C. \begin{tabular}{|r|l|l|l|} \hline Composite depreciation rate & x & & Year 1 Depreciation Exp. \\ \hline 0 & & =$ \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline \multicolumn{1}{|c|}{ Date } & Account Name & Dr. & Cr. \\ \hline Dec. 31, Year 1 & & & \\ \hline & & & \\ \hline & To record composite depreciation. & & \\ \hline \end{tabular} d. \begin{tabular}{|l|l|l|l|} \hline \multicolumn{1}{|c|}{ Date } & Account Name & Dr. & Cr. \\ \hline Dec. 31, Year 3 & & & \\ \hline & & & \\ \hline & To record sale of equipment. & & \\ \hline \end{tabular}