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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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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