Highsmith Rental Company purchased an apartment building early in 2016. There are 15 apartments in...
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Highsmith Rental Company purchased an apartment building early in 2016. There are 15 apartments in the building and each is furnished with major kitchen appliances. The company has decided to use the group depreciation method for the appliances. The following data are available: Residual Service Life Appliance Cost Value (in Years) Stoves Refrigerators 44,000 9,000 Dishwashers 42,000 8,000 $49,000 $4,000 5 In 2019, two new refrigerators costing $4,400 were purchased for cash. The old refrigerators, which originally cost $4,900, were sold for $1,900 Required: 1. Calculate the group depreciation rate, group life, and depreciation for 2016. (Round "Group depreciation rate" and "Group life" answers to 2 decimal places.) Group depreciation rate Group life Depreciation for 2016 (Straight Line) years
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