Highsmith Rental Company purchased an apartment building early in 2024. There are 20 apartments in...
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Highsmith Rental Company purchased an apartment building early in There are apartments in the build ing 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: In three new refrigerators costing $ were purchased for cash. In that same year, the old refrigerators, which originally cost $ were sold for $ Required: Calculate the group depreciation rate, grdup life, and depreciation for Prepare the journal entries to record the purchase of the new refrigerators and the sale of the old refrigerators. 
Highsmith Rental Company purchased an apartment building early in There are apartments in the build
ing 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:
In three new refrigerators costing $ were purchased for cash. In that same year, the old refrigerators,
which originally cost $ were sold for $
Required:
Calculate the group depreciation rate, grdup life, and depreciation for
Prepare the journal entries to record the purchase of the new refrigerators and the sale of the old refrigerators.
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