Problem

Presented  below is information related  to oriole manufacturing Corporation.

Asset       Cost               Estimated Salvage       Estimated Life (in years)

A             $50,220            $6,820                               10

B             41,664              5,952                                 9

C             44,640             4,464                                  9

D             23,560             1,860                                  7

E             29,140              3,100                                 6

Compute the rate  of depreciation per year to be applied to plant assets under the composite methods

Prepare the adjusting entry necessary at the end of the year to record depreciation for the year

Prepare the entry to record the sales of asset D for cash of $5,952.  It was used for 6 years, and depreciated was entered under the composite method.