Callon co uses the composite method to depreciate its

Reference no: EM13578204

Callon Co. uses the composite method to depreciate its equipment. The following totals are for all of the equipment in the group:

Initial Cost		Residual Value		Depreciable Cost		Depreciation Per Year
$900,000		$100,000		$800,000		$80,000

What is the composite rate of depreciation?

A machine with a cost of $23,000 was sold for $14,000 at the end of the third year. What entry should be made?

Reference no: EM13578204

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