Highsmith Rental Company purchased an apartment building early in 2024. There are 25 apartments in the...

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Highsmith Rental Company purchased an apartment building early in 2024. There are 25 apartments in the building and each is furnished with major kitchen appliances. The company has decided to use the group depreciation method for the appliances. The following data are available: Appliance Stoves Refrigerators Dishwashers Cost $ 21,000 16,000 14,000 Service Life Residual Value (in Years) $ 3,000 4,000 3,000 6 5 4 In 2027, two new refrigerators costing $3,000 were purchased for cash. In that same year, the old refrigerators, which originally cost $2,100, were sold for $500. Required: 1. Calculate the group depreciation rate, group life, and depreciation for 2024. 2. Prepare the journal entries to record the purchase of the new refrigerators and the sale of the old refrigerators. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the group depreciation rate, group life, and depreciation for 2024. Note: Round "Group depreciation rate" and "Group life" answers to 2 decimal places. Group depreciation rate Group life Depreciation for 2024 (Straight Line) % years < Required 1 Required 2 > Highsmith Rental Company purchased an apartment building early in 2024. There are 25 apartments in the building and each is furnished with major kitchen appliances. The company has decided to use the group depreciation method for the appliances. The following data are available: Appliance Stoves Refrigerators Dishwashers Cost $ 21,000 16,000 14,000 Service Life Residual Value (in Years) $ 3,000 4,000 3,000 6 5 4 In 2027, two new refrigerators costing $3,000 were purchased for cash. In that same year, the old refrigerators, which originally cost $2,100, were sold for $500. Required: 1. Calculate the group depreciation rate, group life, and depreciation for 2024. 2. Prepare the journal entries to record the purchase of the new refrigerators and the sale of the old refrigerators. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the group depreciation rate, group life, and depreciation for 2024. Note: Round "Group depreciation rate" and "Group life" answers to 2 decimal places. Group depreciation rate Group life Depreciation for 2024 (Straight Line) % years < Required 1 Required 2 >