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Timmy Thomas Company provided the following summary of its fixed assets: Factory Building Machinery and Small Tools Patterns Equipment Total Cost 4,800,000 1,400,000 82,000 53,000 Estimated 300,000 80,000 5,000 Residual Value Estimated Useful 40 years 20 years 8 years 4 years Life 9. The composite life of the assets listed above is a. 29.5 years b. 31.6 years C. 32.8 years d. 34.5 years 10. What is the composite rate of the assets listed? a. 3.18% b. 3.38% C. 3.81% d. 3.83% 11. Assuming straight line method is used, depreciation on the factory building for the third year of its service life is a. 120,000 b. 118,500 C. 115,500 d. 112,500 12. Assuming sum-of-the-years digits' method is used, depreciation on the factory building for the third year of its service life is a. 17,110 b. 14,972 C. 12,833 d. 10,694