Response to the following problem:
Ready Hospital provides you with the following list of depreciable assets acquired at the beginning of the current year:
|
Asset
|
Cost
|
Estimated Salvage Value
|
Estimated Useful life (Years)
|
|
A
|
$4,000
|
$400
|
3
|
|
B
|
1,500
|
300
|
4
|
|
C
|
7,000
|
750
|
5
|
Required: What is the composite depreciation rate on cost?