Waterway Inc. owns the following assets. Estimated Useful Salvage Asset Cost Life $72,100 $7,210 10 years 5 years 53,200 5,320 4,840 12 years C 99,220 Compute the composite depreciation rate and the composite life of Waterway's assets. (Ro place, e.g. 4.8% or 4.8 years.) Composite depreciation rate years Composite life Sheridan Corporation acquires a coal mine at a cost of $428,000. Intangible development costs total $107,000. After extraction has occurred, Sheridan must restore the property (estimated fair value of the obligation is $85,600), after which it can be sold for $171,200. Sheridan estimates that 4,280 tons of coal can be extracted. If 749 tons are extracted the first year, prepare the journal entry to record depletion. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit