On June 30, 2021, Ben, Inc. exchanged 6,000 shares of Seely Corp. $30 par value
common stock for a patent owned by DAD Co. The Seely stock was acquired in 2021 at a
cost of $165,000. At the exchange date, Seely common stock had a fair value of $48 per share, and the patent had a net carrying value of $310,000 on DAD's books. Ben should
record the patent at
A schedule of machinery owned by Ajman Co. presented below:
Estimated Estimated
Total Cost Salvage Value Life in Years
Machine X $420,000 $42,000 10
Machine Y 225,000 22,500 5
Machine Z 492,000 24,000 12
What is the composite rate of depreciation (in percent) for these assets?
What is the composite life (in years) for these assets?