Highsmith Rental Company purchased an apartment building early in 2018. There are 20 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:

Appliance Cost Residual Value Service Life (in Years)

Stoves $39,000 $3,000 6
Refrigerators 34,000 4,000 5
Dishwashers 32,000 3,000 4

In 2021, two new refrigerators costing $3,900 were purchased for cash. The old refrigerators, which originally cost $3,900, were sold for $1,400.

(1) Calculate the group depreciation rate, group life, and depreciation for 2018.
(2) Prepare the journal entries to record the purchase of the new refrigerators and the sale of the old refrigerators.

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1) the stages a new product goes through from beginning to end, i.e., the stages that a product passes through from introduction through growth, maturity, and decline. 2) the time from initial research and development to the time at which sales and support of the product to customers are withdrawn. 3) the period of time during which a product can be produced and marketed profitably.

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