E11-9B (Composite Depreciation) Presented below is information related to Gant Manufacturing Corporation.
Asset Cost Estimated Salvage Estimated Life (in years)
A $121,500 $16,500 10
B 100,800 14,400 9
C 108,000 10,800 9
D 57,000 4,500 7
E 70,500 7,500 6
Instructions
(a) Compute the rate of depreciation per year to be applied to the plant assets under the composite
method.
(b) Prepare the adjusting entry necessary at the end of the year to record depreciation for the year.
(c) Prepare the entry to record the sale of asset D for cash of $14,400. It was used for 6 years, and
depreciation was entered under the composite method.
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