Machines are acquired by Tara Corporation on January 1, 2024 as follows: Estimated Estimated Machine Cost Residual Value Service Life 511 $27,000 $5,000 11 years 512 $31,000 $7,000 6 years 513 $52,000 $10,000 7 years 514 $32,000 $0 8 years 515 $23,000 $3,000 4 years Required:
A. Calculate the composite depreciation rate for this group.
B. Calculate the average service life in years for this group.
C. If Machine #514 is sold for $20,000 in 2026, record the journal entry to record the sale.
