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 $120,000 $4,000 30 Machinery 38,000 0 10 Other equipment 20,000 2,000 6 a. Compute the total straight-line depreciation for 2020 on all items combined. Total depreciation expense for 2020 $ 10,667 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 5.99 X Composite life 16.12 x C. Provide the entry to record 2020 composite depreciation. Date Account Name Dec. 31, 2020 Depreciation Expense 10,662 x Accumulated Depreciation 10,662 x d. Assume that all of the Other equipment was sold in 2023 for $2,400 cash. Prepare the entry for the sale of that equipment Date Account Name Cr. Dec 31, 2023 Cash 2,400 Accumulated Depreciation 17,600 Other Equipment 20,000 Dr. Cr. Dr. Check