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Exercise 11-09 Presented below is information related to Bonita Manufacturing Corporation. Estimated Life (in Asset years) Cost $49,400 32,000 35,900 19,400 23.000 Estimated Salvage $6,300 4,100 3,500 1,900 3,200 Compute the rate of depreciation per year to be applied to the plant assets under the composite method. (Round answer to 2 decimal place, e.. 4.83%) Composite rate SHOW LT OF ACCOUNTS Prepare the adjusting entry necessary at the end of the year to record depreciation for the year. (If ne entry is required, select "No entry for the account tities and enter amounts. Credit accounts are automatically indented when amount is entered. Do not indent manually. Use Plantists related account) for the Account Titles and Explanation Credit SOLIST DRCCOUNTS Prepare the entry to record the sale of asset for cash of $5,200. It was used for 6 years, and depreciation was entered under the composite method. (If no entry is required, select "No entry for the account tities and enter for the amount. Cred accountries are automatically indented when amount is entered. Do not indent manually. Use Plant Assets related account) Account Tities and Explanation Det Credit Click of you would like to show Work for this questions Open Show Work