Exercise 11-9 Presented below is information related to Blossom Manufacturing Corporation. Asset Cost Estimated Salvage Estimated Life (in years) A $41,310 $5,610 10 B 34,272 4,896 9 C 36,720 3,672 9 D 19,380 1,530 7 E 23,970 2,550 6 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.g. 4.83%.) Composite rate % SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Prepare the adjusting entry necessary at the end of the year to record depreciation for the year. (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. Use Plant Assets related account.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Prepare the entry to record the sale of asset D for cash of $4,896. 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 titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Use Plant Assets related account.) Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Open Show Work Please answer all parts of the question

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter9: Long-term Assets: Fixed And Intangible

Section: Chapter Questions

Problem 9.17EX: Entries for sale of fixed asset Equipment acquired on January 8 at a cost of 168,000 has an...

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Exercise 11-9

Presented below is information related to Blossom Manufacturing Corporation.

Asset	Cost	Estimated Salvage		Estimated Life (in years)
A	$41,310		$5,610		10
B	34,272		4,896		9
C	36,720		3,672		9
D	19,380		1,530		7
E	23,970		2,550		6

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.g. 4.83%.)

Composite rate

SHOW LIST OF ACCOUNTS

LINK TO TEXT

Prepare the adjusting entry necessary at the end of the year to record depreciation for the year. (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. Use Plant Assets related account.)

Account Titles and Explanation	Debit	Credit

SHOW LIST OF ACCOUNTS

LINK TO TEXT

Prepare the entry to record the sale of asset D for cash of $4,896. 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 titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Use Plant Assets related account.)

Account Titles and Explanation	Debit	Credit

Click if you would like to Show Work for this question:

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Please answer all parts of the question

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