# Exercise 11-9Presented 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 ACCOUNTSLINK TO TEXTLINK 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 ExplanationDebitCredit        SHOW LIST OF ACCOUNTSLINK TO TEXTLINK 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 ExplanationDebitCredit           Click if you would like to Show Work for this question:Open Show WorkPlease answer all parts of the question

Question
Asked Nov 25, 2019
24 views

### 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

check_circle

## Expert Answer

star
star
star
star
star
1 Rating
Step 1

Compute the rate of depreciation per year to be applied to the plant assets under the composite method.

Step 2

Prepare the adjusting entry ...

### Want to see the full answer?

See Solution

#### Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in
© 2020 bartleby. All Rights Reserved.