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 $900,000 $30,000 30 Machinery 285,000 10 Other equipment 150,000 15,000 0 a. Compute the total straight-line depreciation for 2020 on all items combined. Total depreciation expense for 2020 $ 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 life c. Provide the entry to record 2020 composite depreciation. Date Account Name Dr. Cr. Dec 31, 2020 d. Assume that all of the Other equipment was sold in 2023 for $18,000 cash. Prepare the entry for the sale of that equipment. Date Account Name Dr. Dec 31, 2023 Cash Cr