Answer Happy

Presented below is information related to Sheffield Manufacturing Corporation. Asset Cost Estimated Salvage Estimated Life (in years) A $42,200 $6,500 10 B 32.900 5,000 9 С. 35,200 4,600 9 D 18,400 1,600 7 E 23,600 3,500 6

(a) Your answer is correct. Compute the rate of depreciation per year to be applied to the plant assets under the composite method. (Round answer to 2 decimal place, eg. 4.83%.) 10.39 % se Composite rate

(b) 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 O 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

(c) Prepare the entry to record the sale of asset D for cash of $4,700. 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 O 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